APR is the abbreviation of Annual Percentage Rate. This is the actual cost of borrowing money, expressed in form of a yearly % measure to allow consumers to compare rates among several lenders. All lenders are required to disclose their price per loan based on APR.
APR was designed as a method to allow consumers to evaluate a loan product over the course of a full year or 365 days. Our short-term consumer loan is typically designed to be repaid over a short-term period. Therefore, the actual interest you are paying may be less than the stated APR.
The APR is stated clearly on your contract and is individually calculated for each loan to adhere to federal government guidelines. Please consider the APR rates of other short-term loan lenders, as we have a competitive advantage with our loan pricing. All of the specific terms are presented in greater detail in the Loan Agreement presented to customers prior to agreeing to the loan. All customers have an option to deny any offer prior to completion of loan agreement.
Our APR varies based upon varying factors of each loan. Different factors could include: amount of the loan and the frequency of your pay dates. The actual terms, rates, annual percentage rates (APRs), or fees associated with the loan you may receive will be fully disclosed in detail in your proposed loan agreement.
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