Fees & Repayment – klick.getsetloan.us

Fees And repayment

Table 1: Example of the total cost of personal loan with different terms

option	Monthly payment	Loan term	Total cost of the loan
1	$185	12	$2,220
2	$75	36	$2700
3	$53	60	$3,180

This example shows that the longer you take to pay off your loan, the more expensive it’ll be.

Comparing loan options

Make sure you understand the total cost of a loan before making a decision. Multiply the payment amount by the number of payments in your term.

For example, suppose you want to get a personal loan for $2,000. The interest rate is 19.99% on a monthly payment plan. The example below shows the total cost of a loan with different terms.

Interest rates

The interest rate on a personal loan impacts the overall cost of the loan. By law, lenders may not charge more than 60% interest annually. This includes all fees, costs and interest that you’ll pay to get the loan.

Suppose you want to get a personal loan of $2,000 for 36 months. The example below shows the total cost of the loan with different interest rates.

Table 2: Interest on a personal loan

option	Monthly payment	Loan term	Total cost of the loan
1	8.99%	$64	$2,304
2	19.99%	$75	$2700
3	39.99%	$97	$3,492
4	59.99%	$121	$4356

This example shows that a higher interest rate may significantly increase the total cost of your personal loan.

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Disclaimer: All loans are subject to credit and underwriting approval. Klick Loan is a loan search platform and comparison website, not a lender. Klick Loan only collaborates with financial service providers that adhere to Canadian laws and regulations. Loans range from $500-$50,000 with terms from 3 months to 60 Months or longer. APRs range from 6.99% to 46.96% and will depend on our partner’s assessment of your credit profile. For example, on a $500 loan paid monthly over 9 months, a person will pay $81.15 per month for a total of $730.35 over the course of the entire loan period. This amount includes our partner’s optional loan protection policy. In the event of a missed payment, an insufficient funds fee of around $45 may be charged (dependent on the lender). In the case of a default on your loan, your payment plan will be terminated and different collection methods will be employed to collect your remaining balance. Outstanding debts will be pursued to the full extent of the law. Our lenders employ fair collection practices. Klick Loan is not affiliated with Equifax Canada Co., its parent company, subsidiaries, or its affiliates (collectively, “Equifax”). The content of this website is not reviewed nor approved by Equifax. Klick Loan is an authorized reseller of the Equifax Risk Score, however, Equifax does not endorse, guarantee or recommend any of the products, services or content on this website. For information about Equifax, the Equifax Risk Score, and/or Equifax credit reports, please visit the official Equifax Canada Co. Website at https://www.consumer.equifax.ca/personal/. IP Geolocation by geoPlugin.

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