What are the rates, fees, and interest for personal loans?
Your annual percentage rate (APR) is the overall yearly cost of your loan, including fees and interest.
We calculate the APR on your loan offer based on several factors, including things like your debt-to-income ratio and the loan amount. Since Happen Bank loans are fixed-rate loans, that number (as well as your monthly payment and interest rate) won’t change over time.
Here’s a closer look at the fees and interest that make up your APR.
Fees
At Happen Bank, you pay an origination fee of 0% to 8% of the loan amount on most loans—the exact amount depends on your personal credit history. Origination fees may be higher for applications submitted through or referred by selected partners. For personal loan refinance, you pay a fixed origination fee of 1% of the new loan amount. Origination fees may be referred to as processing fees for certain products.
Our loans have no application fees or brokerage fees. We also don’t charge late fees or prepayment fees for early payoffs.
Interest
Your interest rate indicates how much you’ll pay in interest per year.
We calculate interest daily based on a 360-day year with 12 months. That means that each month is treated as though it has 30 days for interest to accrue, even if the month has more or fewer days.
If you want to reduce the amount of interest you pay over the life of your loan, you can make extra payments or pay off your loan in full at any time—as noted above, you won’t see any penalties or fees for paying your loan off ahead of schedule.
Whenever you’re ready to see what you’d qualify for, head to our homepage.
