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Busting Three Big Private Lender Myths
Private money lenders have consistently received bad reputations. Here, our MoneyShop private lender experts discuss the common issues associated with money lenders, and how to
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Loan applications are subject to responsible lending checks. The APR for an average loan of $3200 over 18 months with an interest rate of 29.95% (which includes all setup fees, our Payment Protection Plan and third party charges) is 36.5%. These charges are variable and dependent upon the amount, term of loan and costs incurred. Example 1 – Representative example of a secured loan where the amount borrowed is $3000: Interest Rate is 29.95%, If the repayment time is 103 weeks then installments would be due weekly at $50 with a final payment of $23.80. Example 2 – Representative example of an unsecured loan where the amount borrowed is $1500: Interest Rate is 29.95%, If the repayment time is 63 weeks then installments would be due weekly at $40 with a final payment of $8.81. Maximum APR 42% | Minimum Repayment Time 3 Months | Maximum Repayment Time 3 Years