What are the key terms and conditions I should know about a loan?
An example of an AI chatbot conversation about loan terms and conditions.
What are the key terms and conditions I should know about a loan?
Key terms include interest rate, repayment period, fees, and collateral requirements. Would you like details on any specific term?
Can you explain what the interest rate means?
The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It affects your monthly payments.
What happens if I miss a payment?
Missing a payment can lead to late fees, increased interest rates, and potential damage to your credit score.
Are there any prepayment penalties?
Some loans have prepayment penalties, which are fees for paying off the loan early. It's important to check your loan agreement.
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