{"id":47943,"date":"2023-12-14T06:54:49","date_gmt":"2023-12-14T14:54:49","guid":{"rendered":"https:\/\/financer.com\/?p=47943"},"modified":"2024-05-06T07:59:21","modified_gmt":"2024-05-06T14:59:21","slug":"interest","status":"publish","type":"page","link":"https:\/\/financer.com\/loans\/glossary\/interest\/","title":{"rendered":"What is Interest?"},"content":{"rendered":"\n
At its core, interest is the cost of borrowing money. It’s what you pay to a lender for the privilege of borrowing their money, and it’s also what a bank pays you for keeping your money in a savings account. It’s essentially a rental fee for money.<\/p>\n\n\n\n
Interest can be a double-edged sword in the realm of personal finance. On one hand, it’s what makes your savings grow. On the other, it’s what can make your debts balloon. <\/p>\n\n\n
\n\t Compare Rates <\/a>\n\t<\/p><\/div>\n\n\n There are primarily two types of interest: simple and compound.<\/p>\n\n\n\nTypes of Interest<\/h2>\n\n\n\n
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