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Here’s what a loan might look like
Here’s what a medium loan might look like…
You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
In the above example You’ll pay:
- Loan Amount Financed: $2,500
- Establishment fee: $400 (Set by NCCP)
- Amount of Credit of the Loan: $2,900
- Total Amount of Interest Payable: $1,590.86
- Repayments: 103 x $43.19 + $42.31 (a final payment)
- Total Amount of Repayments: $4,490.88
- Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP
- Minimum loan period: 61 days
- Maximum loan period: 2 years