I borrowed $2625.00 on a cashcall loan with a $75.00 processing fee and I am planning on paying it off early. I am trying to figure out the interest rate so I will know how much I really owe when I am ready to pay it off. This is what was sent to me. They also said there is no penalty for paying it off early.
ANNUAL PERCENTAGE RATE: 99.21 %
The cost of your credit as a yearly rate
FINANCE CHARGE: $6,582.91
The dollar amount the credit will cost YOU
AMOUNT FINANCED: $2,525.00
The amount of credit provided to YOU
TOTAL OF PAYMENTS: $9,107.91
The amount you will have paid after all payments are made as scheduled
I can't figure out how they get $6582.91 with a 99.21% interest rate. Can anyone help me? - Thank -you!