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Our company has one of the lowest fee for a cash
loan. We charge a flat rate fee of just $18 per $100
borrowed. There are absolutely no hidden fees for you
to worry about. For instance, if you took out a $100 loan, then
the amount due on your payday is only $118. Hot
Payday makes the process of getting a cash loan very
simple and affordable for you.
Although these loans are for short-term needs,
various Truth-in-Lending laws require financing
disclosures to be expressed as an Annual Percentage
Rate (APR). Because the fees are fixed per loan
amount, the Annual Percentage Rate (APR) will vary
depending on the number of days that passed between
the date you received your loan till the day your
loan is due. Please refer to the APR chart below
to find the appropriate rate for your cash loan.
|
APR Chart
|
|
Cash
Loan Amount |
Fee |
Total Amount
Due |
Term of Cash Loan
(7-31 days) |
Annual
Percentage Rate |
|
$100 |
$18 |
$118 |
Due
on your
nearest
payday |
See
Chart |
|
$200 |
$36 |
$236 |
Due
on your
nearest
payday |
See
Chart |
|
$300 |
$54 |
$354 |
Due
on your
nearest
payday |
See
Chart |
|
$400 |
$72 |
$472 |
Due
on your
nearest
payday |
See
Chart |
|
$500 |
$90 |
$590 |
Due
on your
nearest
payday |
See
Chart |
|
Term of Cash
Loan
(days) |
Annual
Percentage
Rate |
|
7 |
938.57% |
|
8 |
821.25% |
|
9 |
730% |
|
10 |
657% |
|
11 |
597.27% |
|
12 |
547.50% |
|
13 |
505.38% |
|
14 |
469.29% |
|
15 |
438% |
|
16 |
410.63% |
|
17 |
386.47% |
|
18 |
365% |
|
|
|
Term
of Cash
Loan
(days) |
Annual
Percentage
Rate |
|
19 |
345.79% |
|
20 |
328.50% |
|
21 |
312.86% |
|
22 |
298.64% |
|
23 |
285.65% |
|
24 |
273.75% |
|
25 |
262.80% |
|
26 |
252.69% |
|
27 |
243.33% |
|
28 |
234.64% |
|
29 |
226.55% |
|
30 |
219% |
|
31 |
211.94% |
|
Payment Options
All
loans must be due on
your next payday. The number
of days a cash loan
can be taken varies
between 7-31 days. On
your next payday, you are
entitled to these
following payment
options:
-
Allow
Hot Payday to automatically
withdraw the amount due
from your bank account.
We will notify you via
e-mail 3-4 days prior
till your due date.
-
You are
also
allow to make partial
payments to your loan
and have the remaining
balance rollover/extend till
your next payday.
(subject to a fee of $18
per $100 borrowed for
each rollover; maximum
rollover/extension is 3
times). |
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