Loan Interest Rates

Annual Percentage Rate (APR)

• Our loans come with a competitive APR, which varies based on the loan amount, term, and your credit profile.

• The APR includes both the interest rate and any fees associated with the loan, providing a comprehensive view of the cost of borrowing.

Interest Rate

• The interest rate is the percentage of the loan amount that you will pay in interest over the loan term.

• Interest rates are determined based on various factors, including your creditworthiness and the loan product you choose.

Fees

Origination Fee

• An origination fee may be charged to cover the cost of processing your loan application. This fee is typically a percentage of the loan amount and is deducted from the loan proceeds.

Late Payment Fee

• If you miss a payment or make a late payment, a late payment fee may be applied. This fee is intended to encourage timely payments and cover the administrative costs associated with late payments.

Prepayment Penalty

• We do not charge prepayment penalties. You can repay your loan early without incurring additional fees, allowing you to save on interest costs.

Insufficient Funds Fee

• If a payment is returned due to insufficient funds, an insufficient funds fee may be charged. This fee covers the cost of handling the returned payment.

Example Loan Costs

To give you a better understanding of the potential costs, here are a few examples of loan scenarios:

Example 1: Short-Term Loan

• Loan Amount: $500

• Term: 6 months

• APR: 35%

• Origination Fee: $25

• Monthly Payment: $90.83

• Total Cost of Loan: $545

Example 2: Installment Loan

• Loan Amount: $1,000

• Term: 12 months

• APR: 25%

• Origination Fee: $50

• Monthly Payment: $93.33

• Total Cost of Loan: $1,120

Important Considerations

• Loan Terms: The terms of your loan, including the interest rate and fees, will be clearly outlined in your loan agreement. Be sure to review these terms carefully before accepting the loan.

• Repayment Schedule: Understanding your repayment schedule is crucial to managing your loan effectively. Make sure you know when payments are due and plan accordingly to avoid late fees.

• Financial Impact: Consider the total cost of the loan and how it fits into your overall financial plan. Borrow only what you need and ensure you can comfortably manage the repayments.

Contact Us

If you have any questions about our rates and fees or need assistance with your loan application, please contact our customer service team at 1-844-546-4391 or email us at support@605lending.co. We are here to help!