Final answer:
The Empower Plus Loan is a type of personal loan that provides individuals with a lump sum of money for various purposes. It is repaid in fixed monthly installments over a predetermined period of time.
Step-by-step explanation:
The Empower Plus Loan is a type of personal loan that is offered by certain financial institutions. It works by providing individuals with a lump sum of money that they can use for various purposes, such as debt consolidation, home renovations, or purchasing a vehicle. The loan is typically repaid in fixed monthly installments over a predetermined period of time.
For example, let's say you borrow $10,000 through an Empower Plus Loan with an interest rate of 5% and a repayment period of 5 years. You would need to pay back the loan in monthly installments of approximately $188.71. The total cost of the loan would be $11,322.60, including both the principal amount and interest.
It's important to carefully consider the terms and conditions of the loan, including the interest rate, repayment period, and any associated fees, before taking out an Empower Plus Loan. This will help ensure that you can comfortably afford the monthly payments and understand the total cost of borrowing.