Rates, fees and total cost, explained
You should know exactly what a loan costs before you commit. Here is how pricing works and how to compare offers with confidence.
What we charge
Pricing is confirmed in your personalized offer before you accept anything.
*Terms vary by state and applicant.
Where your payments go
Every payment covers part of the amount you borrowed plus the cost of borrowing. Early payments carry more of the cost.
Illustration only. The split depends on your amount, term, APR and fees. Your offer shows the exact dollar figures.
Principal
The amount you borrowed. It is paid back gradually with each installment.
Interest
The cost of using the money. A shorter term generally means less interest in total.
Fees
Any itemized charges, such as origination or late fees. Each one is listed in your offer.
Pricing terms in plain English
APR
Annual percentage rate. The yearly cost of the loan, including interest and certain fees.
Interest rate
The cost of borrowing the money itself, before fees.
Origination fee
A fee charged for processing the loan, often taken from the amount you receive. We do not charge one.
Late fee
A charge if a payment is more than 10 days late. Ours is $15.
Returned payment
A charge if a payment from your bank is rejected. Ours is $15.
Total repayment
Everything you will have paid by the final payment: principal plus interest and fees.
Estimate your monthly payment
Enter an amount, a term and the APR from your offer.
*Illustration only using a standard amortizing formula. The APR shown is an editable example, not an offer or a promise of any rate. Your actual terms are shown in your loan offer before you accept.
How to compare any loan offer
- Compare APR, monthly payment and total repayment
- Ask for every fee in writing
- Check whether early payoff is allowed without a penalty
- Confirm the lender is licensed in your state
- Read the full agreement before you sign
Warning signs to watch for
- Asks for a fee before you are approved or before funds are released
- Pressures you to accept immediately
- Will not show the total cost or APR in writing
- Has no clear license or company details
- Asks you to pay by gift card, crypto or wire transfer
Questions about cost
What is APR and why does it matter?
APR (annual percentage rate) expresses the yearly cost of borrowing, including interest and certain fees. Compare APR together with the monthly payment and the total amount you will repay.
What fees might I pay?
Your offer itemizes every fee before you accept. Fees can include a late fee and a returned payment fee. There is no origination fee and no prepayment penalty. Nothing is charged until you accept your offer.
Will I see the total cost before I accept?
Yes. Your offer shows the APR, any fees, the number of payments, the payment amount and the total you will repay. If it does not fit your budget, you can decline without obligation.
Why can the APR look high on a small loan?
APR annualizes the cost of borrowing. On short, small loans, even modest dollar costs can translate into a large percentage. That is why the dollar total and monthly payment are just as important to compare.
Is there a penalty for paying early?
There is no prepayment penalty on HFD Financing loans. Paying early can reduce the interest you pay. Your loan agreement states clearly whether any prepayment fee applies.
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