What is an Interest Rate? True Balance Customer Support September 25, 2019 07:35 Updated Follow An interest rate is a fee that you are charged for borrowing money, expressed as a percentage of the total amount of the loan. Related articles What is the minimum and maximum Tenure available? How to apply for Instant Cash loan? How long does it take to get a loan? What is the Interest charged on Instant Cash loan? Can I apply for a loan for a friend? Comments 0 comments Article is closed for comments.