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What is A.P.R.


APR stands for Annual Percentage Rate.

This is the cost of your credit expressed as a yearly rate. APR is used to calculate how much interest you pay. APR describes the interest for a whole year.

For example, interest at 10% on $120 would be $12 for the year. At Ideal Lending (and most, but not all other lenders) interest is calculated daily. This means that every day your loan is outstanding you owe a little bit more interest. You can calculate exactly how much interest using the following formula: Principal outstanding, ( APR / 365 ) over number of days. For example if you have a $500 loan with a 150% APR for 12 days you will owe $24.66 in interest; calculated as follows: $500 (1.5 / 365 ) 12 = $24.66 With this loan, interest is accruing at $2.05 per day. You should pay close attention to APR because it is the number that is being used to determine how much interest you are paying every day.

*Notice: This is a simple explanation and the specifics may vary with things like effective APR or compounding or other variables*.

What is a title Loan


Many people do not know that you can actually get a loan using your vehicle as collateral. This type of loan is referred to as a car title loan and is offered to borrowers that are in need of extra cash fast. The cash from these loans can help you catch up on medical bills, needed home repairs, car repairs, mortgage bill, etc. This loan is generally best for emergencies and is designed to be repaid in a short amount of time. To get approved for this loan, Half Price Title Loans only requires that the borrower provides proof of income a clear title to the car being used as collateral, and proof of address. If the borrower passes all needed requirements, the lender will then approve the car title loan and the borrower will then sign the contract explaining all terms and conditions that will apply to this transaction.

Ideal Lending


Alternative lending Payday Loans use a postdated check as collateral for this type of loan, until the borrowers next payday. If the borrower needs, they can pay just the interest and postpone full payment until the next paycheck. APR on these types of loans in IDAHO is generally around 520% APR, or 20% per 2 weeks. Title Loans/Vehicle Installment Loans: These loans are usually done on vehicles that are owned outright. The lender takes the title as collateral for the loan. Payments are due every month. These types of loans rarely last longer than a year. In IDAHO, the interest rate on these types of loans is around 300% APR Pawn Loans Pawn shops will lend money on collateral that they hold at their pawn shop. The collateral can be just about anything: a TV, tools, antiques, jewelry etc… The loan must be repaid in full plus interest in order to redeem your item. If you are unable to pay it off in full, a pawn shop generally allows for just the interest portion to be paid to buy you another month. Most pawn shops in the Boise area charge a flat 20% per month, or 240% APR. Ideal Lending Loans The loans issued by Ideal Lending are different. First, all of our loans are fully amortizing. We believe that interest-only loans have a tendency to promote abuse. Secondly, our rates start at 180% APR. This is half as much as the typical title loan. We believe we are the best option for those who do not have access to traditional credit.

5 Reasons Not To Borrow


Ideal Lending will literally charge half as much as any other title lender in Idaho on a title loan, however we do not claim to be cheap. The APR we charge is about 10 times that of a traditional bank loan. In other words, we are only cheap by comparison to other alternative lenders. We suggest you borrow responsibly and not borrow for frivolous things. Five things not to borrow for with a high interest loan 5 – Just to have some spare cash – why not? 4 – Getting yourself a birthday present 3 – Starting in a pyramid scheme 2 – Gucci 1 – Speculating in the stock market Five good reasons to borrow with Ideal Lending 5 – Emergency! 4 – Refinance higher interest loans 3 – Tide you over while waiting on first paycheck 2 – Take advantage of an insanely good deal 1 – Food and shelter, Obviously these are not comprehensive lists, but we do encourage our customers to consider the pros and cons of the loan and only borrow when needed.

Title Loan vs Installment Loan


We hope to explain the difference between a Title Loan Per Idaho Code and an Installment loan. Title Loans Per Idaho Code: Title loan means a loan for a consumer purpose that is secured by a nonpurchase money security interest in titled personal property and that is scheduled to be repaid in either a single installment or in multiple installments that are not fully amortized. In other words, a title loan is a loan that is interest only, or has to be paid back all at once. Idaho law specifies a number of things about how to treat title loans. For example, a lender can only charge interest only for two 30-day periods. On the 3rd payment the borrower must pay down 10% of principal. This is good because it forces the loan to be paid off within a year, however, it is sometimes difficult for consumers because the minimum they must pay each month can change from one month to the next. (You can see the law relating to title loans in Idaho code 28-46 part 5)

Best Type of Loan


Most of our customers opt for a vehicle installment loan instead of an interest-only renewable, title loan. An installment loan acts like a very typical loan where payments are steady and predictable. Every payment puts some money toward interest and some money towards principle. Our loans are generally no longer than 12 months. Even if you have a 12-month loan, you are free to pay it off early with no prepayment penalty. Interest is calculated daily, so if you only have the loan for 18 days – you only pay 18 days’ worth of interest.