Representative Example: If you borrowed $5,000 over 36 months and the loan had a 5.99% arrangement fee ($299.5), your monthly repayments would be $175.99, with a total payback amount of $6,335.78, which includes the 5.99% fee paid from the loan amount, would have a total cost of $1,335.78. Representative 11.99% APR.
Since personal loans can be used for various reasons, personal loans offer more flexibility than other loans like car loans or mortgage loans. Personal loans are repaid over a fixed period and often carry a fixed interest rate. Once approved by a lender, borrowers will receive their loan amount, requiring repaying the money to the lenders with interest in regular monthly payments.
DollarLoanHub services are provided free of charge to you. However, the lender you are connected with will typically charge you applicable fees and/or interest depending on the loan agreement. No matter the case, before you sign any loan agreement, the lender must provide you with full disclosure of the loan agreement terms so you can make the decision that is right for you. Please note that it is essential to read through the terms of the agreement before signing.
The Annual Percentage Rate (APR) is the annual rate charged for borrowing and is expressed as a percentage representing the actual yearly cost of funds over the loan term. As loans can vary in interest-rate structure, transaction fees, late penalties, and other factors, a standardized computation such as the APR provides borrowers with a bottom-line number they can quickly compare to rates charged by other lenders. Because DollarLoanHub does not provide loans directly, it is essential to contact the lender you are connected with directly to obtain the specific details of your loan agreement.
|Loan Term||12 months||24 months||36 months||48 months|
If you borrowed $5,000 over a 48 month period and the loan had a 8% arrangement fee ($400), your monthly repayments would be $131.67, with a total pay back amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.
The personal loans offered by lenders in our network have a 61-day minimum repayment and a 72-month maximum repayment term. Each lender has to describe the loan on the loan agreement explicitly. Therefore, we advise you to read the loan agreement before accepting any loan, especially the parts containing detailed information about APR and repayment terms.
Every lender has different late payment penalties and policies. Generally speaking, a lender may charge a late payment fee if you are late on a payment. It’s vital to set reminders and make responsible payments to avoid late fees or non-payment reports. Since these penalties vary by lender, borrowers are encouraged to contact their direct lenders to address any of their concerns.