🪐 Difference between a one-time fee and an interest rate

🟡One of the unique features of Cephei is user set fees. The user himself can choose how much one-time fee and how much interest rate he will pay for the loan. The higher the selected interest rate - the less one-time fees the user pays for opening a loan. The lower the selected interest rate - the more one-time commissions. A simple inverse dependence!

✨ One-time fee
The one-time fee is paid only once at the time of opening the loan. Over the course of a year, the one-time fee is more favorable than the interest rate by about 30%! So if you plan to keep the loan for a long time, the one-time fee is for you!

✨ Interest rate
The interest rate is paid at the time of closing the loan, and the amount of interest depends on the term of the loan, so the less time you have the loan open, the less interest. So if you are planning to open a loan for a small amount of time, the interest rate is your choice!

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