Canada inflation flashback 1981: the bank rate rose above 21 per cent and the prime lending rate was 22.75 per cent
on property or collateral . The lender can then seize the collateral if the loan is not repaid. Unsecured consumer loans carry a high risk , and therefore have high interest rates.
Second, risk increases the longer the money is loaned. The borrower’s ability to repay money may not change much in a month or a year, but over 10 or 20 years it may change radically, as may the need of the lender for the use of their own money.affects the purchasing power of the money when it is repaid to the lender.
The general level of interest rates is also affected by the demand for borrowed money, which tends to rise and fall with the economy (
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