Representative Example: $1,000 loan over a 12-month term would have a total cost, including interest, a total payback amount of $1,134.74. APR 29.99%. Additional examples and details below.
Your Training Starts Now
In the CreditNinja Dojo, you’ll gain the knowledge and financial know-how you need to pay down debt, improve your credit score, and finally master your money. We’re here to help you in the following areas:
Personal Finance Basics
Spending, saving, and budgeting are crucial to becoming financially independent. Understanding these concepts will empower you to make wise financial choices. Our extensive catalog of blogs and glossary terms are devoted to helping you learn and understand these basics, to set yourself up for success in the future.
Managing Loans and Credit Cards
With so many different types of loans, credit cards, and financial products out there it can be difficult to distinguish between safe options and risky ones. We strive to provide a thorough understanding of all your loan and credit options including bad credit loans, traditional loans, credit cards, and quick cash solutions.
Emergency Financial Solutions
Getting the fast cash you need during a financial emergency is not always easy. And if you have a less-than-perfect credit score, it’s even more difficult. In the CreditNinja Dojo, we focus on getting you the expert information and guidance necessary to avoid predatory lenders and find the right financial solution for you.
CreditNinja Loan Guides
Feeling overwhelmed by all the different types of loans out there? If you’re curious about getting a new loan, but you don’t know where to begin, CreditNinja can help. Below you’ll find several informative and helpful loan guides to expand your knowledge of some common financial products. Get started today!
Begin Your Personal Finance Journey…
Start by exploring some popular personal finance topics
4 budgeting tips for beginners
Of all the good financial habits to practice, using a budget is one that can immediately change your life. Over
Can you cash a check at an atm
Receiving a check can feel great; however, that feeling can quickly be overtaken with the need to cash and use
What are consumer finance accounts
Consumer finance accounts are essentially bad credit loans. If you are thinking about taking out one of these loans, you
The CreditNinja Financial Glossary
Curious about a financial term, concept, or phrase? Check out the CreditNinja Financial Glossary to learn more about common financial terms.
Developing a better understanding of the following topics can help you to master your money:
What does it mean to Refinance?
What is a Pending Direct Deposit?
What are Direct Loans?
APR Disclosures & Repayment Information
The Annual Percentage Rate (APR) is a standardized measure that depicts the cost of credit, calculated on an annual basis. It takes into account the total amount of credit provided to the consumer and the sequence and amount of payments to be made. APRs on loan offers might range from as low as 5.99% to as high as 35.99%, depending on various factors. Typical loans offered in the United States have a minimum repayment period of 120 days and a maximum of 72 months. We urge borrowers to review the loan agreement in detail, as the APR and repayment terms provided may differ from initial estimates.
Representative Examples of APR, Total Loan Costs & Fees
For illustration, here are examples based on different loan amounts and terms:
| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Interest Rate | 24% | 19% | 13% | 8% |
| Fee % | 3% | 5% | 8% | 10% |
| Fee Cost | $30 | $100 | $400 | $1,000 |
| Finance Charges | $134.72 | $419.61 | $1,720.12 | $2,165.84 |
| APR | 29.99% | 24.38% | 17.59% | 12.56% |
| Total Payments | $1,134.72 | $2,419.68 | $6,438.60 | $12,165.84 |
| Regular Payments | $94.56 | $100.82 | $134.14 | $202.76 |
Financial Implications (Interest & Finance Charges)
It is the responsibility of any lender to provide all details regarding the cost of the loan prior to approval. We advise all users to read the loan agreement thoroughly and proceed only if they fully understand and agree to the terms. Our service is provided at no cost, and there is no obligation to accept a loan offer.
Implications of Non-Payment
By agreeing to the loan terms, borrowers commit to repaying the borrowed amount as per the agreed schedule. Failure to do so may result in additional charges. Specifics on the penalties for late payment are dependent on many variables. We recommend contacting us directly for any questions related to loan repayment issues.
Potential Impact to Credit Score
Lenders typically conduct their own credit checks through one of the major credit bureaus, which could potentially be considered a hard inquiry and affect your credit score.
Collection Practices
It is the lender’s responsibility to outline their collection methods in the loan agreement. Should you have any questions regarding collections, these should be directed to the lender.
Loan Renewal Policies
Not all lenders offer loan renewal options. It is important to confirm the availability of such options with your lender. We encourage reading and understanding the loan renewal policy contained in your loan agreement before signing.