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SIMPLEPRET
Apply for Your Loan
Getting a loan with Simple Pret is easy and convenient. Our application process is designed to be quick and hassle-free. Here’s how it works:
Step 1
Fill out our short online application form
Step 2
Receive a quick response within minutes of applying
Step 3
Get your loan approved and receive your funds via Interac e-Transfer within 45 minutes
SIMPLEPRET
Example of loan
Loan Amount: $500 APR: 29%
Loan Term: Bi-weekly payments over 6 months (approximately 12 payments)
To calculate the interest and bi-weekly payments, you can use the following formula:
Interest = (Loan Amount x (APR / 100)) / 26 (since there are 26 bi-weekly periods in a year)
In this case:
Interest = ($500 x (29 / 100)) / 26
Interest = ($145) / 26
Interest ≈ $5.58 per bi-weekly payment
Now, let’s calculate the total amount to be repaid, including both the principal amount and interest:
Total Amount to be Repaid = Loan Amount + Total Interest
Total Amount to be Repaid = $500 + (12 payments x $5.58 per payment)
Total Amount to be Repaid ≈ $500 + $66.96
Total Amount to be Repaid ≈ $566.96
With these terms, a $500 loan with a 29% APR paid bi-weekly over 6 months would have approximately 12 payments of $47.25, and the total amount repaid would be approximately $566.96. Keep in mind that this is a simplified example, and actual loan terms may vary based on the lender’s policies and the specific terms of the loan agreement. It’s crucial to carefully review the terms and conditions of any loan you consider to fully understand the costs and repayment schedule.
Simplepret
Apply Now for Fast Financial Relief
When unexpected expenses arise, Simple Pret is here to help. Apply now to get the financial support you need.
important notice
Disclaimer
When resorting to short-term loans, it is important to take into consideration that the interest rates are greater than those for other loans. Therefore, we ask that you be mindful of this when making use of short-term loans.However, when used responsibly, they are unequivocally a practical and quick solution to improving your financial standing. Nonetheless, we ask that you take great care to not burden yourself financially by utilizing this type of loan too often for it may lead to serious financial problems.You may repay your loan in full before the contract comes to term.
