© Copyright 2016

EXAMPLE # 2 PAYDAY LOAN EXPENSES (SIX MONTHS PAYBACK)

Info from Payday Lender site at www.AdvanceAmerica.net on 2/10/2016
The amount of money that the lender allows the borrower to access.  $500.00
Finance Charge:
Costs associated with the loan.  $1,341.84
Payments for Credit Access Fee: The expected number of payments the borrower will submit to the lender in order to pay back their loan and remain in good standing. 
12 biweekly payments of $110.00
Lender Payment: The expected dollar amount of the final payment the borrower will make in order to pay back their loan and remain in good standing. 
$631.84
APR: Annual Percentage Rate. The yearly cost of a loan, expressed as a percentage.  574.52%
Total Amount Due: The total amount of money that the borrower will pay back. This includes the initial loan amount as well as related fees.  $1,841.84
Assumes a 168 day term with biweekly cash payments. Payments made by electronic debits qualify for reduced fees. Loans are arranged with an unaffiliated third party lender by ACSO of Texas, L.P. d/b/a Advance America, a licensed credit access business, and subject to lender's approval. Examples provided are typical loans arranged for qualified applicants. Finance charges include lender interest and Advance America's credit access fee. Other loan amounts and terms may be available. Checks may be issued instead of cash. The licensed business is regulated by the Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705, and the Commissioner's toll-free consumer helpline telephone number is 1-800-538-1579.


​.

Freedom Loans

EXAMPLE  #1 PAYDAY LOAN EXPENSES - TWO WEEK PAYBACK

Info from Payday Lender site at www.AdvanceAmerica.net on 2/10/2016
Payday Loans from $100.00 to $1,000.00 in Texas

EXAMPLE ONE:
Loan Amount: The amount of money that the lender allows the borrower to access. 
$500.00
Finance Charge:
Costs associated with the loan.  $102.27
APR: Annual Percentage Rate.
The yearly cost of a loan, expressed as a percentage.  533.30%

Total Amount Due:
The total amount of money that the borrower will pay back. This includes the initial loan amount as well as related fees.  $602.27
Assumes a 14 day term. Loans are arranged with an unaffiliated third party lender by ACSO of Texas, L.P. d/b/a Advance America, a licensed credit access business, and subject to lender's approval. Examples provided are typical of loans arranged for qualified applicants. Finance charges include lender charges and Advance America's credit access fee. Other loan amounts and terms may be available. Checks may be issued instead of cash. The licensed business is regulated by the Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705, and the Commissioner's toll-free consumer helpline telephone number is 1-800-538-1579.