Typical ranges
| Term | Typical range |
|---|---|
| Loan amount | $200 to $5,000 |
| APR | 5.99% to 35.99%; some short-term lenders may charge more where state law allows |
| Repayment term | 3 to 36 months |
| Origination fee | 0% to 10% of the loan amount, depending on the lender |
| Late payment fee | Varies by lender and state; disclosed in your agreement |
| Prepayment penalty | None with most installment lenders |
Representative example
A $2,000 loan repaid over 12 monthly payments at 24.99% APR would have a monthly payment of about $190.08. Total repayment would be about $2,280.94, including $280.94 in interest. No origination fee is assumed.
What sets your rate
- Credit score and credit history
- Income and debt-to-income ratio
- Loan amount and term
- Your state's lending laws
- Each lender's own criteria
Implications of late or missed payments
Missing a payment can lead to late fees, returned-payment fees from your bank, and negative reporting to the credit bureaus, which can lower your credit score. Accounts that stay unpaid may be sent to collections. If you think you'll miss a payment, call your lender before the due date. Many offer hardship options or new payment dates.
Renewal policy
Renewal and refinancing terms are set by each lender and governed by state law. Some lenders offer to refinance an existing loan; others don't. Read the agreement before you sign and never roll a loan over just to delay a payment you can't afford.
State availability
Loan products, amounts, and APRs vary by state, and some states restrict certain loan types. Lenders only make offers where they're licensed and where the product is permitted.