KoinWorks charges an administration fee and credit approval fee.
We will only charge this fee after the loan has been disbursed.
This fee will be deducted from the loan, so make sure you have calculated this fee in your loan needs.
Each borrower will be charged interest of 0.75% – 1.67% per month depending on the amount of the loan taken.
You will be charged a credit approval fee of 2% – 4%, an insurance fee of 0.24%, and an administration fee.
The annual percentage interest rate (APR) is a further understanding of the fees of your loan.
APR includes all costs in your loan: loan interest, credit analysis fees, provision fees, survey fees, notary fees, and others that people often ignore.
APR analyzes all these components and converts them to the equivalent of the interest charged per year.
How do you measure a good APR?
Please see the table below:
| A | B | C | |
| Terms (Months) | 12 | 12 | 12 |
| Interest Rate | 10% | 10% | 9,5% |
| Total Loan | 1.000 | 1.000 | 1.000 |
| Total Financing Fees | 0 | 10 | 20 |
| Amount Financed | 1000 | 990 | 980 |
| Monthly Payment | 87,92 | 87,92 | 87,68 |
| Total Interest | 54,99 | 54,99 | 52,20 |
| Total Financial Charges | 54,99 | 64,99 | 72,20 |
| Total Payments | 1054,99 | 1064,99 | 1072,20 |
| APR | 9.96% | 11.74% | 13.02% |
If you are a borrower, choose the lowest APR you can get. Because the more fees you pay for your loan, the higher the APR value.
Person B: He gets the same loan amount as Person A and pays the same amount of installments. However, he has to pay an admin fee of $ 10.
So he only got $ 990 off his loan. This makes his loan have a higher APR because he has to pay more to get the same loan amount.
Person C: he gets a lower interest rate than Person B, 9.5% for the same nominal loan.
But he had to pay an administration fee of $ 20. And from the calculation results, even with the lowest interest rate, he got the highest APR. So lower interest rates don’t necessarily mean a better APR.
KoinWorks offers more competitive interest rates.
We also do not charge additional fees if you make early repayments.
We have an online system. So, you can register from home whenever you want, save your time and money.