What is APR?
APR (Annual Percentage Rate) is calculated on an annual (365 day) reporting period. The APR on a short term loan can vary from 126% to 1,380% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, as well as other factors. Please note that the APR range is not your actual finance charge, as your finance charge will be disclosed later on by the lender that accepts your application.
Since most loan terms require repayment of the loan within 14 days, the rates below can be used as a guide most cases.
Examples of APR
Based on a $200 loan:
| Rate/$100 | Fees | APR | Total Due* |
| $10 | $20 | 261% | $220 |
| $20 | $40 | 521% | $240 |
| $30 | $60 | 782% | $260 |
Other examples of APR applied
Based on a hotel stay of 3 nights a $100 per night:
| Hotel Cost | Room Service | APR | Total Due* |
| $300 | $5 | 365% | $315 |
Based on a one-time $25 taxi ride:
| Taxi | Tip | APR | Total Due* |
| $25 | $3 | 1460% | $28 |
*Please note these APR terms are only used as an example to display rates and dues, and can not necessarily be guaranteed. Specific loan terms and fees will be clearly provided by any lender that is willing to consider your application. Please review all lender terms thoroughly.
Contracts
Freshwayfinancial.com is not a lender and does not charge any fees for its services. Every lender in the Freshwayfinancial.com network provides the consumer with specific terms, conditions, and practices prior to the consumer’s acceptance of the loan. We highly recommend that you carefully review the terms and conditions of any loan offer presented to you upon being redirected from Freshwayfinancial.com.
Fees and Interest
If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. Freshwayfinancial.com is not a lender and cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.
Implications of Non-Payment, Late Payment, or Partial Payment
Should you decide to accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. Freshwayfinancial.com does not have any influence on the fees and/or charges that may be incurred as a result of non-payment, late payment, or partial payment. Freshwayfinancial.com has no control of knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. Freshwayfinancial.com does make an effort to work only with reputable lenders dedicated to pursuing collections of past due accounts in a fair and reasonable manner.
Credit Score
Freshwayfinancial.com does not make credit decisions nor does Freshwayfinancial.com conduct credit inquiries on consumers. Some lenders in the Freshwayfinancial network may conduct a non-traditional credit check in order to determine your eligibility for a loan.
Lenders typically do not conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. However if you do not repay your loan on time, it is possible that your lender may report this activity to one or more credit bureaus. This can have a negative impact on your credit score. We encourage consumers with credit problems to consult a Credit Counseling company.
Renewal Policy Information
Loan renewal policies are largely governed by state regulatory legislation. The loan renewal options will be presented to you by your lender prior to your acceptance of the loan. Please make sure to diligently read the renewal policy presented to you prior to signing the loan documents. Payday loans are intended to be a short term financial instrument. Freshwayfinancial.com encourages all consumers to repay the loan on time and in full in order to avoid late payment and/or non-payment fees. If you suspect that you may be unable to pay off a payday advance loan we would recommend that you explore other loan alternatives before applying for a Payday loan.
Collection Practices
Freshwayfinancial.com is not a lender and does not engage in debt collection practices. Your lenders’ collection practices will be disclosed to you in the loan documents. If you are unsure of the collection practices used by a specific lender we recommend that you discuss this issue with your lender directly.