The rate that lenders charge for borrowing their money is the interest rate. It is expressed in percentage. The relationship between the lender and the borrower can affect the rate of interest. A "good customer", for example, is likely to get a better (lower) interest rate.

Interest rates differ, depending upon several factors:
  • What is the reason for the loan? (... education or vacation?)
  • Who is borrowing? (... a sibling or a neighbour?)
  • Who is lending? (... your parents or a loan company?)
In 2017 in Alberta, interest rates varied widely:
  • The interest rate on a credit card cash advance was 19.5%.
  • The interest rate on a 30-year home mortgage was 4.5%.
  • The interest rate on a payday loan was 15%.