What does 12% APR actually mean?

We get it, math is hard!

By always charging a fixed 12% APR we are hoping to make it super clear what you'll pay in interest if you need to borrow.

But what exactly would a 12% APR mean for you in terms of your interest payments? Here are a few examples:

If you were to borrow $1,000 and repay monthly over 6 months, you'd pay $35 in interest total.
If you were to borrow $500 and repay monthly over 12 months, you'd pay $33 in interest in total.
If you were to borrow $1,000 and repay monthly over 12 months, you'd pay $66 in interest.

When you take out the loan you'll be able to toggle the repayment period (2-12 months) and repayment frequency (biweekly or monthly) to see how that affects your interest payments.

All information on this site is provided for educational purposes only and does not constitute legal or tax advice. The Beans, Inc. and Let's Get Set, Inc. are not liable for how you use this information. Please seek a tax professional for personal tax advice.
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