Rates and Terms
Sample Table of Loan Rates and Terms
SAMPLE INSTALLMENT SCHEDULE SAMPLE LOAN TERMS:
$300 loan amount, 30% periodic service fee, 10% principal reduction payments starting on payment 5
Payment Number | Beginning Principal ($) | Finance Charge ($) | Payment Due ($) | Ending Principal ($) |
|---|---|---|---|---|
1 | 300 | 90 | 90 | 300 |
2 | 300 | 90 | 90 | 300 |
3 | 300 | 90 | 90 | 300 |
4 | 300 | 90 | 90 | 300 |
5 | 300 | 90 | 120 | 270 |
6 | 270 | 81 | 111 | 240 |
7 | 240 | 72 | 102 | 210 |
8 | 210 | 63 | 93 | 180 |
9 | 180 | 54 | 84 | 150 |
10 | 150 | 45 | 75 | 120 |
11 | 120 | 36 | 66 | 90 |
12 | 90 | 27 | 57 | 60 |
13 | 60 | 18 | 48 | 30 |
14 | 30 | 9 | 39 | 0 |
* Most short-term loans require repayment within 14 days or on your next pay date. Loan extensions, also called “renewals” or “rollovers” often entail payment of the Finance Cost as a minimum payment and will incur an additional Finance Cost in exchange for another loan term.
** APR is the cost of borrowing money for an entire calendar year. Short-term loans are never intended to be used for this period of time; and we encourage other loan products to meet your financial needs.
*** Simple interest is calculated only on the current principal amount of the loan and is not compounded over multiple time periods.
**** A Short-Term Consumer Loan is designed to help consumer borrowers meet their short-term financial emergencies and is not intended to meet their long-term financial needs.