Loan Cost

Rates, Terms, and the Total Cost of Your Loan

How to Find the True Cost of Your Loan

If you’re looking at your loan offer and simply multiplying the amount of each payment by the total number of payments, you might be thinking, “Whoa, this is expensive!”

However, to determine the total cost of your loan, it’s important to look at more than interest rate, full loan term, and payment amount. You need to consider how long it will actually take you to pay back the loan.

We offer the option of paying back your loan over 12 months, though most borrowers end up paying off their loans much sooner. That’s because, with Helix:

  1. You only pay interest on your loan for as long as you need the money.
  2. You can pay back your loan at any time without additional fees or penalties. 
  3. The earlier you pay back your loan, the less interest you pay.

For Example

If you only need the money for a month or two, here’s an example of how much you can save by paying off your loan early.

Loan Amount: $800.00
Term: 12 months (26 payments)
Payments: $201.95


Day 1: Loan Agreement is signed.

Day 2: Funds received.

Day 12: First payment of $201.95.
($153.21 in interest, $48.74 to principal)

Day 26: Loan payoff of $952.68.
($201.42 in interest, $751.26 to principal)

 
For this borrower, the total cost of the loan is $354.63.

ANOTHER WAY TO SAVE
If you’re not sure how long it will take you to pay back the loan but still want to reduce the amount of interest you end up paying, you can make additional payments any time.

Even an extra $20 each payment can decrease the amount of time it takes to pay off your loan and lower the total cost. 

You can make additional payments, or pay off your loan balance, through your online client portal.

Questions? Concerns?

We know taking out a loan is a big decision, and we want to make sure you get a loan that really works for you. If you have questions, you can find answers to frequently asked questions and get helpful information through our Loan Sense blog.

What kind of loans does Helix offer?

Helix offers 12-month no-collateral-required personal installment loans. The loan is repaid over time with a set number of scheduled payments, though you can pay off your loan or make additional payments at any time without additional fees or penalties. Get Your Offer >

When will I receive my money?

The exact timing depends on a few things, including how long it takes your bank to credit the payment to your account. That said, with most banks you can expect to see the money in your account based on when you sign your loan agreement:

  • If your loan agreement was signed by 11:00 a.m. (Central Time) on a business day, you should receive your money by 5:00 p.m. the same day.
  • If your loan agreement was signed after 11:00 a.m. (or on a weekend or bank holiday), you should receive your money by 5:00 p.m. the next business day.

For more information on how the funding process works and when you can expect to receive your funds, visit helixfi.com/funding.

Is there a penalty or fee for early payment?

There are no penalties for paying early or making additional payments. You can make additional payments on principal or payoff your balance in full (with no penalties or fees) anytime through your online client portal.

In fact, we encourage you to make additional payments whenever possible in order to reduce your total cost. Learn more about payments >

How can I reduce the total cost of my loan?

There are no fees or penalties for paying off your loan early. In fact, we encourage you to make additional payments whenever possible. The sooner you pay your loan in full, the more you save. See how you can lower your cost >

More Answers >

Still have questions about Helix personal loans? Contact one of our friendly loan advisors.

Call: 1.800.619.5309
8am-5pm (CST), Monday-Friday

Email: info@helixfi.com

Loan Sense Blog >