Rates and Terms
Rates & Terms
Important: A Revolving Line of Credit is an expensive form of credit and should be used for short-term financial needs only and not as a long-term financial solution.
interest rate
Interest rate is the percentage of the principal a lender charges a borrower to advance the funds. Finance charges are a broader measure of the cost of borrowing that include both interest and applicable fees. Annual percentage rate, or APR, expresses the finance charges on a loan as a yearly rate. The total payment amount due and APR will be displayed on your line of credit documentation.
Finance charges are based on a customer’s creditworthiness. A customer’s creditworthiness is determined by several factors, including:
• Credit and Payment History
• Income
• Employment
• Existing Debt
• Types of Debt
Payment Schedule
The payment schedule included within the line of credit agreement you receive will display how many payments there are, balances due, and payment due dates. Late fees and non-sufficient funds/returned item fees may apply as outlined in the terms and conditions of your agreement. To minimize the cost of borrowing, Kwai Credit strongly suggests that you pay your balance in full or make supplemental payments as quickly as you are able. There are no penalties or fees for early payoff.
Shown in the table are hypothetical payment examples for various line of credit amounts. The APR associated with your line of credit may vary based upon the duration of the repayment period, as well as the amount funded. This is strictly an example. It is important to remember that the faster you pay off the balance, the less your overall repayment cost will be.