The Cost of Credit -- Facts You Need To Know!
After calculation, please print a copy of this disclosure for your
records.
If this disclosure is not clear or if you have a question please
contact us.
Payday loans are short-term advances that are due on your next payday, unless you are paid weekly, in which case your loan will be due on the payday of the week following the week that you receive your loan. The maximum loan term is twenty-one days.
With a payday loan you are charged a flat fee no matter when your loan is repaid (subject to the twenty-one day maximum loan term). Because the fees are fixed per loan amount, the Annual Percentage Rate (APR) will vary depending on the number of days that pass between the date you receive your advance and the day you repay the loan. There is no refund of fees for early repayment.
Although payday loans are short-term advances intended to be paid off quickly, various Truth-in-Lending laws require financing disclosures to be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced to you expressed as an annual rate. This requirement provides uniformity among various credit sources, so you can compare rates and make the choice that is right for you.
To get your disclosure, use the form above to select the amount you will be borrowing and the number of days you plan to have the loan. The term of the loan begins when the funds arrive in your bank account, so when selecting the Number of Days, make sure to subtract appropriate time for your loan request and fund-disbursement processing (usually 1 to 3 days), which will need to occur before you actually receive your advance.
