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Why is JN Bank Small Business Loans now communicating its interest rates using the effective annual interest rate (EAIR)?

All commercial banks, merchant banks and building societies are required to disclose this rate, irrespective of any other interest rate used by the Bank of Jamaica.

Does this mean I will be paying more in interest on the loan I have?

No, the agreed principal and interest repayment remain the same.

Does this mean my monthly/fortnightly/weekly payments will change?

No, your monthly/fortnightly/weekly payments remain the same.

What does the EAIR mean and why not provide my interest rate using APR, which other banks do?

The EAIR, short for ‘effective annual interest rate’, is an alternative way of presenting interest rates applied to consumer products. The EAIR takes into consideration the compounding rate, while the frequently quoted APR (annual percentage rate) takes into consideration the simple interest.