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What’s the difference between monthly and daily interest?

It can be a lot. Daily interest is preferable when the lender calculates interest surprisingly on a daily basis. For monthly interest if the loan was taken out on 1st August ,the first month’s interest finishes on 31 August.

If the loan is repaid on 1st September you would pay an extra month’s interest even though it is only for one extra day.

Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.