Product Type (single repayment) | Charge | APR |
---|---|---|
NSF + Bounced Check | $45.00 | 1,173.21% |
Overdraft Fee | $30.00 | 782.14% |
Late Fee | $20.00 | 521.43% |
Small Dollar Loan | $10.00 | 260.71% |
How does the APR for a single payment small dollar loan compare to other options?
Compare your options for the cost of $100 extension of credit for 14 days
Product Type (single repayment) | Charge | APR |
---|---|---|
NSF + Bounced Check | $45.00 | 8,212.50% |
Overdraft Fee | $30.00 | 5,475.00% |
Late Fee | $20.00 | 3,650.00% |
How does the APR of a small dollar loan compare to the consequences of being unable to obtain a small dollar loan?
Consider the cost of a $100 extension of credit for 2 days
$100.00 Amount Financed, $120.00 Repaid 2 days after the borrowing
Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 3,650.00% per 365 day year = APR
$100.00 Amount Financed, $130.00 Repaid 2 days after the borrowing
Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 5,475.00% per 365 day year = APR
$100.00 Amount Financed, $145.00 Repaid 2 days after the borrowing
Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 8,212.50% per 365 day year = APR
$100.00 Amount Financed, $110.00 Repaid 7 days after the borrowing
Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR
$100.00 Amount Financed, $110.00 Repaid 14 days after the borrowing
Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 260.71% per 365 day year = APR
$100.00 Amount Financed, $120.00 Repaid 7 days after the borrowing
Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,042.86% per 365 day year = APR
$100.00 Amount Financed, $120.00 Repaid 14 days after the borrowing
Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR
$100.00 Amount Financed, $130.00 Repaid 7 days after the borrowing
Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,564.29% per 365 day year = APR
$100.00 Amount Financed, $130.00 Repaid 14 days after the borrowing
Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 782.14% per 365 day year = APR
$100.00 Amount Financed, $135.00 Repaid 7 days after the borrowing
Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,825.00% per 365 day year = APR
$100.00 Amount Financed, $135.00 Repaid 14 days after the borrowing
Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 912.50% per 365 day year = APR
$100.00 Amount Financed, $145.00 Repaid 14 days after the borrowing
Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 1,173.21% per 365 day year = APR