|Payment Number||Beginning Principal ($)||Finance Charge ($)||Payment Due ($)||Ending Principal ($)|
Sample Table of Loan Rates and Terms
$300 loan amount, 30% periodic service fee, 10% principal reduction payments starting on payment 5
* 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.