![]() The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Fixed loans feature repayment terms of 5 to 20 years. The rates displayed may include a 0.25% autopay discount. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Lowest rates are reserved for the highest qualified borrowers. Not all borrowers receive the lowest rate. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Rates and terms are also subject to change at any time without notice. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Is it worth almost $1,000 more to have it now (furthermore, the retail price in 3 years will probably drop)? That is like going into a store that advertised "SALE-ADD 20% TO EVERY PURCHASE.Terms and Conditions apply. If purchased on a credit card with a 12% annual percentage rate (APR) compounded daily, and with minimum monthly payments of $166 paid over three years, it winds up costing over $5,980. ![]() Here is an example: a new television flat-screen HDTV model retails for $5,000. If one calculated the true cost of goods bought on credit, one would have second thoughts about making the purchase in the first place. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future. ![]() One should never use credit to purchase things for which one will not be able to pay in the future. Credit abuse increases the cost of credit to everyone. Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit is extended with the faith that borrowers will repay the debt. While credit is very important to the economy, its abuse is harmful. #Pay it down calculator freeThe marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty. This is why credit card companies aggressively compete to get you to use their credit cards and services. This represents hundreds of billions of dollars in interest earnings to lenders. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 2009-this is more than double the amount outstanding in 1994. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants. Today, credit has become a business in its own right. ![]() One should not use credit in place of money when there is little or no likelihood that payment in real money will be made-using credit without the intent or ability to pay is theft. ![]() Derived from the Latin word for "trustworthiness," credit is based on faith that the borrower will repay the debt with real money. While credit stimulates the economy, it does have to be used judiciously. ![]()
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