T
Loans
Total Cost of Credit
The real number — everything you'll actually pay by the end. Principal, interest, fees, insurance, service charges, the lot. Lenders have to show you this before you sign. This is what matters, not the monthly payment.
Usage Examples
"Bongani borrowed R50,000 from Capitec but the total cost of credit was R78,400 over 48 months. That's the real price tag. The monthly payment looked okay at R1,633, but R28,400 went to interest and fees."
"Nomsa compared two consolidation loans on RandCash. One had a lower monthly payment but a higher total cost of credit. She picked the one that cost less overall, even if the monthly was slightly more."
"Andile looked at his store card agreement from Edgars. The total cost of credit showed he'd pay R120% more than the stuff he was buying if he only made minimum payments. He used a Nedbank personal loan instead."