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The first repayment period can explain an unexpected amount
A short or long opening period can alter the calculation compared with an ordinary month.
The difference should be examined using disbursement and due dates.
That examination does not rule out charges or errors; it separates possible explanations. Asking for reconciliation is more precise than calling every unusual first payment a hidden fee.
Compare secured and unsecured structures
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.