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. For personal loan refinance, you pay a fixed processing fee of 1% of the new loan amount.
Our loans have no application fees or brokerage fees. We also don’t charge prepayment fees for early payoffs.
We may assess late fees (and other penalties) on payments that are more than 15 days late, but you can avoid those fees by staying current with your monthly payments.
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.
