Installment Loan Examples:
In the examples below, the Lender is owed the principal sum of $500.00 plus interest at a rate of 499.00% per year ("Contract Rate"). Interest will accrue daily on the unpaid principal balance of this Loan, beginning on the Effective Date of the Loan.
Example of a $500 Monthly Loan for 6 Months*.
Loan Amount: $500 Payments: 6 Term: 6 months Payments: $237.39/month
FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT
| ANNUAL PERCENTAGE RATE | FINANCE CHARGE | AMOUNT FINANCED | TOTAL OF PAYMENTS |
|---|---|---|---|
| The cost of your credit as a yearly rate. | The dollar amount the credit will cost | The amount of credit provided to you or on your behalf. | The amount you will have paid after you have made all payments as scheduled. |
| 499% | $924.32 | $500.00 | $1,424.32. |
Example of a $500 Bi-Weekly Loan for 6 Months*.
Loan Amount: $500 Payments: 12 Term: 6 months Payments: $109.56/bi-weekly
FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT
| ANNUAL PERCENTAGE RATE | FINANCE CHARGE | AMOUNT FINANCED | TOTAL OF PAYMENTS |
|---|---|---|---|
| The cost of your credit as a yearly rate. | The dollar amount the credit will cost | The amount of credit provided to you or on your behalf. | The amount you will have paid after you have made all payments as scheduled. |
| 499% | $619.90 | $500.00 | $1119.90 |
Paying bi-weekly saves $304.42
*Loan terms vary based on income dates
**Annual Percentage Rate: The APR is the cost of your loan expressed as a yearly rate. The APR may vary depending on the actual loan term. The APR will increase if the actual loan term is shorter than this example and will decrease if Your loan term is longer.
Want to save money on Your Loan’s Finance Charge and pay the Loan off early? If you add extra money to your payments, the amount financed will be paid off early and you can save money. In the example below, the customer voluntarily adds $9.13 to each of the bi-weekly payments. The Truth-in-Lending Disclosure Statement will still show the original agreed upon amounts, but the actual amounts paid will be less.
Example of a $500 Bi-Weekly Loan for 6 Months with a voluntary extra payment included.
Loan Amount: $500 Payments: 12 Term: 6 months Payments: $109.56 + $9.13
FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT
| ANNUAL PERCENTAGE RATE | FINANCE CHARGE | AMOUNT FINANCED | TOTAL OF PAYMENTS |
|---|---|---|---|
| The cost of your credit as a yearly rate. | The dollar amount the credit will cost | The amount of credit provided to you or on your behalf. | The amount you will have paid after you have made all payments as scheduled. |
| 499% | $924.32 | $500.00 | $1,424.32. |
Paying $118.69 bi-weekly instead of $109.56 will pay the Loan off in 4 months and save you $304.42 in finance charges.
APR – 499% Actual Finance Charge - $619.9 Amount Financed - $500 Total Payment - $1,19.90
Please see your loan agreement forthe APR and other terms applicable to your loan.
- Regulated by the State of Utah
- Department of Financial Institutions
- P.O. Box 146800
- Salt Lake City, UT 84114-6800
- Tel: (801) 538-8830
- DO NOT SEND PAYMENTS TO THIS ADDRESS
- Regulated by Missouri Division of Finance
- Department of Financial Institutions
- P.O. Box 716
- Jefferson City, MO 65102-0716
- Tel: (573) 751-3463
- DO NOT SEND PAYMENTS TO THIS ADDRESS
- Regulated by the State of Wisconsin
- Wisconsin Department of Financial Institutions
- 4822 Madison Yards Way, North Tower
- Madison, WI 53705
- Tel: (608) 261-9555
- DO NOT SEND PAYMENTS TO THIS ADDRESS
- Regulated by the State of Idaho
- Idaho Department of Finance
- PO Box 83720
- Boise, Idaho 83720-0031
- Tel: (208) 332-8000
- DO NOT SEND PAYMENTS TO THIS ADDRESS