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 with a term up to 24 months, though most borrowers end up paying off their loans much sooner. That’s because, with Helix:
- You only pay interest on your loan for as long as you need the money.
- You can pay back your loan at any time without additional fees or penalties.
- 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
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.
Still have questions about Helix personal loans? Contact one of our friendly loan advisors.
Still have questions about Helix personal loans? Contact one of our friendly loan advisors.
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