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A market-rate headline does not determine a personal quote
A published market measure summarizes conditions under its own scope.
An individual provider can use different product terms and assessment criteria.
Use the actual offer when comparing a commitment. News about rates may provide context but should not be converted into a prediction of approval or a promised lending price.
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Definitions
- Nominal interest rate
- Stated rate used to calculate interest under the agreement; it does not describe every other charge.
- Annual comparison measure
- Annualized disclosure used to compare borrowing costs; its calculation and included charges depend on the jurisdiction and product.