Im confused

The extra is probably service fees. But I could be wrong.

I think I need coffee...will grab some and be right back to read this. This is wierd...

Add-On Method

Under the add-on method, the lender calculates the total interest charge by multiplying the entire loan amount by the contractual interest rate, and then multiplying the total interest cost by the period (months, years) covered by the loan. The interest charge is added to the principal to determine the total amount to be repaid. This amount is then divided by the number of repayment periods to determine each payment. The total interest charge is thus: I = A x ic x N, where I = total interest charge over the life of the loan, A = amount of loan, ic= contractual interest rate per time period, and N = number of periods covered by the loan.

The periodic payment is: Bn = (A + I) / N, where B = total payment and n = repayment periods under consideration.

So:
Loan Amount Interest Rate Period
300 x 1095% (10.95) x (10/365) = $90.00

Thanks.

According to their "contract" a normal loan term is 4 to 9 days. If you do the forumla using 5 days, you will get $15 per $100. I don't know if that is what they mean by $15 per $100 or what. It's kinda confusing how they have it on there.

I'm thinking they are doing the $15 calculations for the shortest term, to make the loan look like it's less expensive.

All the loans I had for 300.00 did get 90.00 every pay day (2x a month). I think it is pretty standard in th eillegal industry