Access Your
Account Information:
 |
Our
Low Cash Loan Fee
|
Hot Payday charge a fixed fee of just $18 per $100 borrowed
with an varying A.P.R. based
on the number of days
outstanding. 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 next payday is only
$118. Hot Payday makes the
process of getting a cash
loan very simple 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 Fee Schedule
below to find the appropriate rate for your cash
loan.
|
|
|
Cash Loan Fee Schedule |
|
Term in
days |
Annual
Percentage Rate |
Amount Financed |
|
$100.00 |
$200.00 |
$300.00 |
$400.00 |
$500.00 |
|
Finance
Charge |
|
7 |
938.57% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
8 |
821.25% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
9 |
730.00% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
10 |
657.00% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
11 |
597.27% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
12 |
547.50% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
13 |
505.38% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
14 |
469.29% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
15 |
438.00% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
16 |
410.63% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
17 |
386.47% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
18 |
365.00% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
19 |
345.79% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
20 |
328.50% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
21 |
312.86% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
22 |
298.64% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
23 |
285.65% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
24 |
273.75% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
25 |
262.80% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
26 |
252.69% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
27 |
243.33% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
28 |
234.64% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
29 |
226.55% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
30 |
219.00% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
|
31 |
211.94% |
$18.00 |
$36.00 |
$54.00 |
$72.00 |
$90.00 |
Payment Options
|
All cash loans
are
due on your next payday. The number of
days a cash loan can be taken varies
between 7-31 term 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 2-3 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 finance
charge of
$18 per $100 borrowed for each rollover;
maximum rollover/extension is 12 weeks). |
Prepayment of Your Cash Loan
Prepayment:
If you pay off your
cash loan early you will not have to pay
a prepayment penalty, and you may be
entitled a refund of part of the finance
charge.
For
instance, if you have a $118 cash loan
outstanding for 14 term days with an APR of
469.29% and decided to pay off your
cash loan on the 7th day, then you are
entitled to a $9 refund because the
finance charge of $18 is outstanding for
14 days and you paid it back in 7 days
which is only half the term days and
thus half the financing charge.
Early Full Payment Prorated
Refund Formula:
(days left on term of loan/actual term
of loan)X(Finance Charge)=Prorated
Refund
Early Partial Payment Prorated
Refund Formula:
(early payment amount)X(days left on
term of loan/actual term of loan)X(.18)=Prorated
Refund
|
|
