“First time borrowers of instant cash loans in Australia will have heard the term Annual Percentage rate or APR and would need an explanation of exactly what it is and how it affects their instant cash loan. According to Wikipedia, the free encyclopaedia on the internet, quote “The term annual percentage rate (APR), also called nominal APR, and the term effective APR, also called EAR, describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. Those terms have formal, legal definitions in some countries or legal jurisdictions, but in general: The nominal APR is the simple-interest rate (for a year). The effective APR is the fee plus compound interest rate (calculated across a year)” end quote”.
“Borrowers of instant cash loans in Australia also need to understand that most reputable ethical and professional online loan lending companies and businesses will apply an APR for their short term loans that that are granted over a maximum period of an average of twenty five days. However, when the loan over these twenty five days is scaled up to reflect the same interest rate that would be applied over a whole year or twelve months, the annual percentage rate (APR), using the scaled up annual comparison, makes the loan look way more expensive than it really is. This is where the media and people who are against these loans seem to unfairly misinterpret the APR and intentionally use the yearly scaled up final interest rate as a deterrent to discourage people wanting to apply for these types of loans in Australia”.
“First time borrowers of these instant cash loans in Australia must make sure that the online loan lending company that they finally choose to do business with strictly adheres to government regulation and guidelines and that the company ensures that the specific details about the annual percentage rate (APR) are stated clearly in the contract or loan agreement between the borrower and the lender and that each loan will have its own annual percentage rate (APR) individually calculated. Borrowers must therefore read the APR clause in the final authorised loan agreement to make sure that the APR has been specifically mentioned accurately by their lender, as it is the APR that ultimately determines how expensive the loan will be for the borrower”.
Visit Instant Cash Loans AU Australia to apply for online instant cash loans in Australia.
CONTACT INFORMATION
Person To Contact : Mitch Kono
Company Name : First Stop Money
Company Website : http://cash2go.com.au
Company Email : info@firststopmoney.com.au
Company Address : PO Box 566
City : West Perth
State : WA
Postcode : 6872
