Charges for Short Terms Loans


Leopard Loan practices transparent and honest lending service. We do not deceive our clients by charging additional and hidden fees for the service that we render. The loan structure that we offer is straightforward. The schedule of the repayment is on the next pay date of the borrower, which is through automatic debit. Of course, we assure you that we will only deduct what is due for you. We make sure that you understand the breakdown and structure of your loan before agreeing to our terms and conditions. Well in fact, the only fee that you need to pay aside from the principal amount of loan is the effective annual percentage rate or APR. To make sure that you are aware of whatever is the effective APR, we always mention it in every single page in our site.

It is in this light that understanding APR is vital and essential before applying for Leopard Loan from us.

APR, in a general sense is the interest that the borrower needs to pay on top of the principal amount of the loan. This is the cost of borrowing money.

To guide on the effect of this APR to the amount that you need to pay back to us, the following examples are given:
The Pros and Cons of Instant Payday Loans

The transparency of any lending institutions, like the Leopard Loan, is always vital and essential in weighing their impact to the borrower. This is especially true before deciding whether to apply for instant payday loans or not. One way to do this is to have a balanced assessment of all the aspects of the loan. In other words, this means that you must consider both its pros and cons. It is in this light that this article will do that.
Pros of Instant Payday Loans

As its name suggests, this kind of payday loan is instant. This is because its approval is so fast, which makes it seem to be instant. This is advantageous for people who are looking for instant cash. For instance, there might be some instances when people will need cash the fastest possible time. However, they cannot have such money if they are going to apply for ordinary loans. Hence, the only perfect solution for them is to apply for instant and fast approval of their application.

Moreover, another good thing about this, aside from the instant approval, is that there are some lenders who can offer this kind of service online. This makes the process even better and faster, as well as more convenient for both the borrower and the lender.
Cons of Instant Payday Loans

On the other hand, however, it is not a perfect loan structure. Some people still have some complaints about it. Well, one not-so-good thing about this is that it is usually not applicable to everyone. In other words, what this means is that not all banks can offer this to the entire market. Usually, they can only do this to certain companies that they can pre-approve. For instance, banks can do this to employees of big companies. By doing this, lenders can somehow diminish the risks involved.
What is the Catch with Short Term Loans?

Short term loans seem to be very attractive. This is because since it will only be paid for a short span of time, which is usually within a year, it has a lower interest rate. Aside from that, the nominal amount of the interest is also lower since it will be multiplied in lesser number of years. It is in this light that many borrowers like students, low-income employees and the like are very much fascinated into this kind of loan. However, there is always a catch to this, as well as to same day loans or quick loans.

Lower Ceiling of Loanable Amount

On the one hand, the twist of short term loans is that they usually have a lower ceiling of loanable amount. In other words, what this means is that the amount that you can loan is usually lower than what you can avail in ordinary banks. This is because it will depend on your propensity to pay the loan in a shorter span of time. Usually, most banks will not allow you to loan an amount that will translate to a monthly amortization that would be equivalent to half of your monthly family income. This is because you have other expenses to finance too aside from debt servicing. Hence, if the term of the loan is shorter, than the amount that you can loan is lower. This is because as the term of the loan becomes shorter, the amortization gets higher too.

Applicability of Same Day Loans

On the other hand, this kind of loan is quite enticing for many borrowers since the approval and remittance of the money can be done within the same day, it does not mean that it could be applicable to everyone. Of course, lenders would put some safety nets for them in order to lower the risks. What banks usually do in order to offer this kind of loan is to get the names of the companies that they can put into their pre-approved master list. This list will serve as their guide whether an employee within those companies are qualified for their same day loans.

The Catch behind Quick Loans

Moreover, quick loans have some twists too. This is because the usual clients of this type of loan are those people who desperately need money as fast as possible. Usually, the terms and interest are higher than the normal.