$300 - $2,000
- Establishment fee:
20% of the principal amount
- Monthly loan fee:
4% of the principal a month
So if you borrow
$1500 you will pay $300 and $60 per month (Annual Percentage Rate (APR): 48% Comparison rate of 68% per year)
$2001 - $5,000
- Establishment fee: $400
- Annual Percentage Rate (APR): 47.6158% Comparison rate: 65.6597% p.a.
If you don't make a payment then the cost is $15 each time and daily default fee of $15 per day!
The short term lenders can not renew loans by rolling them over or by refinancing the loan, and therefore they don't charge renewal fees.