The total number of payments due and APR will be displayed on your loan documentation.
The payment schedule included within the loan agreement you receive will display how many payments there are, balances due and payment due dates for the life of the loan. Late fees and non-sufficient funds / returned item fees may apply as outlined in the terms and conditions of your loan. To minimize the cost of borrowing, Tan Oak Lending strongly suggests that you pay your balance in full or make supplemental payments as quickly as you are able. There are no penalties for early payoff.
Payment Schedules
The complete payment schedule will be listed within the loan agreement you receive. It is possible to reduce the total cost of borrowing by paying off the balance prior to the final due date on the payment schedule or by making additional payments on or between the specified due dates. You have complete control over how quickly you are able to pay off the balance. There will not be any prepayment penalties.
Below is a hypothetical payment schedule for a $300 installment loan. The APR associated with your loan may vary based upon the duration of the loan repayment period, as well as the amount funded. This is strictly an example. It is important to remember that the faster you pay off the balance, the less your complete loan cost will be.
| Interest Rate | 780% | |||
| # of Payments | 20 | Total Principal | $300 | |
| Pay Frequency | Bi-Weekly | Total Interest | $1,507.12 | 502% of principal |
| Loan Amount | $300 | Total Payments | $1,807.12 | |
| Payment Amount | $90.48 |
