The purpose of loan applications is solely to establish your eligibility and to assure the lender that you would pay back, with interest and on time. Hence, only two things matter in loan applications: your financial health and personal profile.


Lenders look for clarity, accurate details, truthful declarations and honest conversations.

The path to securing your loan or credit can seem like an enormously challenging one. This is particularly true for those who have never applied for a loan/credit before. When you consider the list of types of interest rates alone, it’s easy to become a little frustrated.

Nonetheless, the more you understand now, the easier the loan process will be for you. This thought can certainly be extended towards the different types of interest rates that are available to you. But remember – your YFG Lending Specialist is there to help you navigate through all of the options and find the best one for you!

Which Interest Rate Is Right For Me?

Regardless of the interest rate you choose, it’s important to understand that interest rates are responsible for determining how much your loan is going to cost you. It will also determine what you are required to repay each month. The slightest difference to interest rates can play a significant role in how your repayments are determined.

With that thought in mind, here are the different types of interest rates you are going to come across:


These are the main loan types that you are going to need to learn more about. As always we recommend speaking to your YFG Lending specialist.