You borrow 500. The fee is 75 You give the lender a check for 575. The lender keeps your check and gives you 500 in cash. After two weeks, you give the lender 575 in cash and you get your check back. The bottom line: You paid 75 to borrow 500 for two weeks. How do I compare costs. Most loans have an annual percentage rate. The annual percentage rate is also called APR.
The APR is how much it costs you to borrow money for one year.
An APR of over 100 just means that if you were to borrow for a year you would be charged more than 100 of the original loan. So for each pound borrowed, you'd pay more than 100p. For APRs over 100 a quick and easy way to read them is to imagine a point in front of the last two figures. For instance 4670 APR becomes ВЈ46. 70. This is the amount you would pay on each pound borrowed, per year. See the box and link on the right for more information about percentages. The monthly percentage interest rate looks much lower.
Is the APR just the monthly rate times 12.
1 To get cash back and avoid paying a higher ATM fee, select "debit" and enter your PIN when making a purchase at a retailer. Purchase transaction fee may apply, depending on which fee plan you selected. This option may not be available at all retail locations where the card is accepted. 2 How quickly can rocket loan close owner fees may also apply.
3 Calculation based on 5 PIN Purchase Transactions and 5 Signature Purchase Transactions. 4 To be eligible for this optional fee plan, have 500 deposited to the ACE Elite Prepaid Card during one calendar month. See Cardholder Agreement for details. Goodbye to Hidden Fees. Fees Related to the Service: Refunds are at par. None of the fees shown are assessed by MetaBank or the Card Association.
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