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You might clearly know that your credit card provider charges a fixed annual interest rate of say nineteen percent, but payday loans are advertised a little differently. Instead of telling you the rate first, they tell you the dollar amount of borrowing. For example, its common to see ads that will say borrow three hundred dollars for two weeks for 69.
What you might not realize is that a hdfc bank personal loan in bangalore of borrowing 300 for two weeks for 69 is the equivalent of a 599. 64 percent interest rate.
Heres how to figure that rate out: Take the cost of borrowing which is 69, and divide that by the amount borrowed which is 300.
You will be given the details on the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement during the loan request process. The APR on a short term loan can range from 200 to 2,290 depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other hdfc bank personal loan in bangalore. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
See a Representative Example. Borrow 200 for 14 days with a 30 to 60 lender fee. Your estimated APR is 391 to 782 Calculation: (lender fee loan amount) x (amount of days in a year duration of the loan) x 100 Low End of Range: (30 200) (365 days 14 days) x 100 391.