TAEG is the annual percentage rate of charge and measures the cost of your Loan, per year, as a percentage of the amount borrowed.
The calculation of the TAEG includes:
- Insurance costs required to obtain the Personal Loan
- Other charges and expenses associated with the Loan agreement
In the case of moey! Personal Loan, no insurance is required to obtain the credit, so the calculation of the TAEG includes all other elements.
The nominal annual interest rate (TAN) is one of the costs associated with your loan, translating into the interest rate that is applicable, day-by-day, to the amount of the loan still due and that will allow the monthly calculation of the interest due.