What is the interest rate charge to my Customers?

The APR (Annual Percentage Rate) is between 36% and 39% depending on the repayment schedule selected.


Is that a fair and reasonable rate?

Yes. Very much so. The rate is actually low for a short term installment loan. Remember that the default rate on these type of loans is 10% to 15% and the rate charged must accommodate that loss rate in order for the program to be viable and to accommodate borrowers with both good and poor credit. These rates are just a fraction of the cost of a payday advance, title loan or other options.


Why is it a good option for people facing an unexpected expenditure?

Not only is the interest rate very reasonable and affordable, borrowers can avoid interest almost entirely by paying the loan off within 30 days without any penalty when they get paid or have the excess funds available.


The discount rate seems a bit high. How do you explain this?

You are, in effect, somewhat subsidizing the loan. The discount rate is your participation in enabling the loans to be made to credit challenged Customers and others with no liability or recourse to you. Much like the cost of a credit card payment, you can certainly include and recover this cost in your calculation of the amount you wish to charge for the product or service.


How high is the approval rate?

Very high. Approximately 90%. We can service the needs of Borrowers with composite credit scores as low as 500 if other reasonable circumstances exist.


Are there any other costs?

$25 Assessorial Fee is added to each loan amount to offset the costs of processing and administrating the transaction. This fee is included in the loan cost calcu-lation. It is not a cost to you.


How do I initiate a loan?

You can log into www.payitforme.com and enter your Agent ID Number. You then enter the basic information on the Borrower. The system will immediately advise you of the amount of the payment and confirm the term and payment frequency selected by the Customer. You can then print out the loan agreement, have the customer sign it and send it to us via fax. You receive the funding in 48 hours or less by electronic deposit to your bank account.


What if I do not have internet access?

You can have the customer complete a simple one page application and submit it by fax. You will receive a phone call response in approximately 15 minutes and the completed loan agreement is faxed back to you for the borrower to sign.


What if I have questions or difficulties initiating a loan?

We provide live toll free customer service from 9:00 AM to 9:00 PM Central Standard Time Monday through Saturday.


How do I let my Customers know about the program?

We provide you with informative point of sale materials and signage. You can reorder these materials at no cost at any time.