Rates and Fees
It costs absolutely nothing to submit an inquiry for a loan through 1FirstCashAdvance (1FCA Financial Help, LLC). We do not provide lending services directly to consumers. When you submit your information to 1FirstCashAdvance, our automated system will search its large network of lenders to match you with the lenders and loans that may be best suited to your needs. If you agree, you can review an offer and submit your application directly to that lender.
The Rates and Fees that you will be subject to will depend on the lender, on the state, on the type of product you are applying for, and on the degree of risk associated with your application. It is your responsibility to read carefully all the offers and to compare the Rates and Fees proposed by different lenders. The aim of this page is to teach you how to assess the information you will get from your lender in an efficient way.
Full Disclosure of Terms
When the matched lender approves your loan, they will usually direct you to an e-signature page, which is provided by that lender. Keep in mind, the Truth in Lending Act requires every lender to fully disclose all loan fees and interest rates that borrowers may incur when they approve your loan.
The lender’s documents are required to include all rates and fees information related to the loan. Be sure to review all rates and fees information thoroughly before agreeing to the terms of the loan and e-signing it. You are under no obligation to accept these terms. If you consider the terms in the lender contract acceptable and wish to proceed with the loan process, e-sign the page and await the transfer of your funds.
What is APR and How it’s Calculated
What Does APR Mean?
APR stands for the Annual Percentage Rate. It represents the annual cost of the loan.
APR is calculated by adding all the fees and interest paid over the life of a loan, divided by the loan amount and the number of days in the loan term, and multiplied by 365.
The loan fees and interest rates are determined by the lenders, with specific amounts determined based on the information you submitted to them. 1FCA Financial Help, LLC has no knowledge of or control over the loan details. These are confidential and need to be shared solely between you and your lender. You are under no obligation to continue the application process if you find a particular lender’s loan terms unacceptable.
The average APR for payday loans across the USA is nearly 400%, which places payday loans across the high-cost category of loans. The table below is structured based on the level of interest rates related to short-term loans in different states.
The Average APRs in Different States
Given that short-term loans are subject to several federal and local regulatory provisions regarding the applicable interest rates, the cost of the loan varries across the USA. More than that, the APRs also vary between the lenders as well, taking into account the additional fees that is included in the calculation. The table below contains an excerpt of the latest statistics regarding the average APR in different USA States.
|States with Very High APRs||States with High APRs||States with Relatively Low APRs|
|North Dakota||487%||Washington||391%||New Mexico||175%|
*Retrieved from Center for Responsible Lending
It is important that you understand that the average APRs should not be extrapolated to all the lenders from a particular state. Each lender might have its own pricing policy, and can offer higher or lower than average APRs. It is your own responsibility to analyze and compare the offers you receive.
Fees and Charges
Apart from the interest rates that are applied to payday loans, another factor that adds up to the costs is represented by the fees and charges derived from the usage of payday loans.
Late Payment Fees and Charges
The late payment policies vary among lenders, but they are required to disclose that information to you as part of the loan process. We urge you to carefully review the late payment conditions detailed in the loan documents provided by your lender. All lenders are required to abide by applicable laws, rules, and regulations regarding late payment fees.
Non-Payment Fees and Charges
If you are unable to repay your loan, you may be subject to additional fees or charges. 1FCA Financial Help, LLC strives to work only with reputable lenders who are committed to conducting collection activities that are both fair and reasonable.
Loan Renewal Fees and Charges
The conditions related to loan renewal are based primarily on state regulations. Some states allow rollovers and/or repayment extensions, and fees and finance charges may be applied, which can add a significant amount to the end cost of your loan. Be aware of your state’s laws and regulations governing rollovers and extensions. Read all of the terms in the lender agreement fully. Make sure you clearly understand how loan renewal options can affect the cost of your loan before e-signing the loan contract.
Our Lending Policy
1FCA Financial Help, LLC lenders are expected to adhere to strict lending standards, as spelled out by our core values and mission.