SPEEDY CASH Payday Loan Payments Cost Disclosure
[Pages:1]Figure: 7 TAC ?83.6007(b)
Speedy Cash
Payday Loan $___30_0_____, _1_2__ Payments Cost Disclosure
Cost of this loan:
Borrowed amount (cash advance)
$ ____3_0_0_.0_0_____
Interest paid to lender
(interest rate: 1_0_ %)
Fees paid to Speedy Cash
$ ____1_3_.8_1______ $ ___1_,_0_0_8_.0_0____
Payment amounts (payments due every _____1_4_D__a_y_s_____)
Total of payments (if I pay on time)
Payments #1-#__1_1__ $ ___8_4_._0_0______
(Final) Payment #_1_2_ $ ___3_9_7_._8_1_____
$ ____1_,_3_2_1_.8_1___
APR Term of loan
__7_2_9_.8_2___% ___16_8_D_a_y_s_
If I pay off the loan in:
2 Weeks 1 Month 2 Months 3 Months _5_.5_M__o_nt_h_s
I will have to pay interest and fees of approximately:
$__8_5_.1_5____
$__1_7_0_.4_7___
$__3_4_0_.9_3___
$__5_1_1_.4_0___
$__1_0_2_1._8_1 __
I will have to pay a total of approximately:
$___3_85_._15___ $___4_70_._47___ $___64_0_.9_3___ $___81_1_.4_0___ $___1_,3_2_1_.8_1_
Cost of other types of loans:
Least Expensive
Credit Cards
Secured Loans
Signature Loans
25% $2.04
30% $3.55
89% $13.38
Repayment:
Of 10 people who get a new multi-payment payday loan:
5 will pay the loan on time as scheduled (typically 5 months) 1 will renew 1 to 4 times before paying off the loan 4 will renew 5 or more times or will never pay off the loan.
This data is from 2019 reports to the OCCC.
Pawn Loans
180% $15.00
Auto Title Loans
238% $20.66
Payday
Most
Loans Expensive
370% $30.42
Average APR
Average fees & interest per $100 borrowed over 1 month
Before getting this loan, ask yourself:
Do I need to borrow this money? Can I pay back the loan in full when it is due? Can I pay my bills and repay this loan? Can I afford late charges if I miss a payment? Do I have other credit options?
OCCC notice:
This company is regulated by the Texas Office of Consumer Credit Commissioner (OCCC). OCCC Consumer Helpline: (800) 538-1579, plaints@occc.. Visit occc. for more information. This disclosure is provided under Texas Finance Code Section 393.223.
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