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Financing |
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Cost-of-Capital / Finance Charge
Since CCRF is a Loan being amortized by irregular daily payments, no one can forecast the exact amount of the interest to be paid over the life of the loan. There are two CCRF product, regular rate and lower rate:
- Regular rate program typically costs $1,200* per $10,000 borrowed over six months. As a rule of thumb, the shorter the term, the lower the interest amount.
- The Lower rate program typically costs $600 to $900* per $10,000 borrowed over six months. The lower rate program is offered only in the following states: MI, NY, OH, MO, and TX
* We have made the following assumptions when we projected the interest amount; 1) The total monthly VS/MC sales amount will be exactly same as the average monthly balance for the life of the loan, 2) Daily VS/MC sales amount is exactly the same adding up to the total monthly sales amount. |
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