Short-Term Loan Interest Levels & Costs
Temporary loan interest levels and costs consist of:
- Average expected APR: 30% to 50per cent (is as reasonable as 9.99per cent for prime borrowers)
- Prepayment punishment: nothing
- Origination cost: 0% to 5percent
These short-term lenders charge you a fixed dollar amount when you borrow while many traditional lenders will charge you interest for the time you’re in repayment. Which means that even though you repay the automobile shop funding early, you’ll repay exactly the same buck quantity, but there aren’t any prepayment charges.
Short-Term Loan Terms
Temporary loan terms consist of: