How (and Why) to Calculate the APR for Payday Loan

How (and Why) to Calculate the APR for Payday Loan How (and Why) to Calculate the APR for a Payday Loan How (and Why) to Calculate the APR for a Payday LoanSure, you may know that taking out a payday loan is generally a bad idea. Youve heard a horror story or two about something called rollover, but if youre in a jam, you might find yourself considering swinging by the local brick-and-mortar payday loan store or looking for an online payday loan. Its just a one-time thing, you tell yourself.It only gets worse from there Once you start looking at the paperwork or speaking with the sales staff, you see that your payday loan will cost only $15 for every $100 that you borrow. That doesnt sound that bad. But whats this other number? This APR of 400%? The payday lender tells you not to worry about it. He says, APR doesnt matter.Well, lets just interrupt this hypothetical to tell you this When youre borrowing money, the APR doesnt just matter, its the single most important number you need to know.APR stands for “annual percentage rate,” and it’s a way to measure how much a loan, credit card, or line of credit is going to cost you. APR is measured on a yearly basis and it is expressed as a percentage of the amount loaned. “By law, APR must include all fees charged by the lender to originate the loan,” says Casey Fleming (@TheLoanGuide), author of The Loan Guide: How to Get the Best Possible Mortgage.But just because a loan or credit card includes a certain fee or charge, you shouldn’t assume that it’s always going to be included in the APR. Fleming points out that some fees, like title fees on a mortgage, are not considered part of the loan origination process and thus not included in APR calculations.“Are DMV fees connected with a title loan? Some would say yes, but the law doesnt specify that they must be included,” says Fleming.According to David Reiss (@REFinBlog), a professor of law at Brooklyn Law School, “the APR adds in those additional costs and then spreads them out over the term of the loan. As a result, the APR is almost always higher than the interest rateâ€"if it is not, that is a yellow flag that something is amiss with the APR.”This is why it’s always a good idea to read your loan agreement and ask lots of questions when applying for a loanâ€"any loan.APR can sometimes be a tricky measureIf you’re talking about long-term financial products like mortgages or credit cards, APR can get complicated in a hurry.With mortgages, there can be a ton of fees involvedâ€"some of which might very well be excluded from the APR. And with credit cards, your interest usually ends up compounding on a daily basis, which means that you’ll end up paying more than the stated APR.What does “compounding interest” mean? Well, it means that your interest charges get added to your principal loan amount, which means that you start getting charged interest on your interest. Fun, right?One more way that APR can be misleading has to do with amortizing installment loans. With these loans, which are paid off in a series of equal, regu lar payments, a certain portion of each payment always goes towards your principal loan amount. As the principal goes down, the amount of money that is accrued in interest goes down too.The APR is a measurement of the cost of a loan over its lifetime, calculated from the snapshot of the origination date.” Says Fleming. “If you were to calculate the APR over the balance of a loan midway through its term the number would be different because the advance fees and interest have already been paid. “Payday Loan APRs are simple (and simply unacceptable)Compounding interest isn’t something you’ll have to worry about with a payday loan. The principal stays the principal and the interest stays the interest.And payday loans don’t amortize either. The interest you pay on a payday loan is usually referred to as a “finance charge” and it is a simple fee based on the amount you borrow. For instance, a $300 payday loan that costs $20 per $100 borrowed would have a finance charge of $60.When considering a loan, you’ll definitely want to make sure it doesn’t include any hidden or additional fees (read more in the eBook How to Protect Yourself from Payday Loans and Predatory Lenders). Other than that, calculating the APR should be a good way to calculate just how expensive that loan is compared to your other options.In fact, you’ll probably be pretty surprised.How to Calculate APR for Payday LoansWhen calculating the APR for a payday loan, you are going to need three pieces of information.The principal loan amount, or how much money you are borrowingThe amount you’re paying in interest on the loan, also referred to as the “finance charge.”The length of the repayment term, or how long the loan will be outstanding.Got that? Okay.To make things a bit easier to understand, let’s use an example:Payday Loan #1 has…A principal loan amount of $400An interest amount/finance charge of $80 (a rate of $20 per $100 borrowed)A repayment term of 14 days.First, y ou’ll want to divide the interest/finance charge by the loan principal:$80 / $400 = 0.2This tells you how much you are paying relative to how much you are borrowing. 0.2 translates to a rate 20%, which means that you are paying a 20 cents on every dollar that you borrow.Next, you’ll want to multiply that result by 365, for the number of days in a year:0.2 x 365 = 73Next, you’ll want to divide that result by the length of the repayment term:73 / 14 days = 5.214285That final result basically states that, if your payday loan were to be outstanding for a full year, you would pay over 5 times the amount you originally borrowed in fees and/or interest. To convert into APR, just move the decimal point two spaces to the right and add a percentage sign:521.43% APR(Thanks to ConsumerFed.org for this formula.)Why is the APR for payday loans so high?According to David Reiss, “The APR takes into account the payment schedule for each loan, so it will account for differences in amortizatio n and the length of the repayment term among different loan products.”Keep in mind, that the average term length for a payday loan is only 14 days. So when you’re using APR to measure the cost of a payday loan, you are essentially taking the cost of the loan for that two-week period, and you’re assuming that that cost would be applied again every two weeks.There are a little over 26 two-week periods in a year, so the APR for a 14-day payday loan is basically the finance charges times 26. That’s why payday loans have such a high APR!But if the average payday loan is only 14 days long, then why would someone want to use APR to measure it’s cost? Wouldn’t it be more accurate to use the stated interest rate? After all, no one who takes out a payday loan plans to have it outstanding over a full year…Short-term loans with long-term consequencesBut here’s the thing about payday loans: many people who use them end up trapped in a long-term cycle of debt. When it comes time f or the loan to be repaid, the borrower discovers that they cannot afford to pay it off without negatively affecting the rest of their finances.Given the choice to pay their loan off on time or fall beyond on their other expenses (for instance: rent, utilities, car payments, groceries), many people choose to roll their loan over or immediately take out a new loan to cover paying off the old one. When people do this, they are effectively increasing their cost of borrowing.Remember when we said that payday loans don’t amortize? Well, that actually makes the loans costlier. Every time the loan is rolled over or reborrowed, interest is charged at the exact same rate as before. A new payment term means a new finance charge, which means more money spent to borrow the same amount of money.“As the principal is paid down the cost of the interest declines,” says Casey Fleming. “If you are not making principal payments then your lifetime interest costs will be higher.”According to the Consumer Financial Protection Bureau (CFPB), a whopping 80% of payday loans are the result of rollover or re-borrowing and the average payday loan customer takes out 10 payday loans a year.Reiss says that “the best way to use APR is make an apples-to-apples comparison between two or more loans. If different loans have different fee structures, such as variations in upfront fees and interest rates, the APRs allow the borrower to compare the total cost of credit for each product.So the next time you’re considering a payday loan, make sure you calculate its APR. When it comes to predatory payday lending, its important to crunch the numbersâ€"before they crunch you!About the Contributors:Casey Fleming, began as an appraiser in 1979 and built one of the largest appraisal and consulting firms in the San Francisco Bay Area.   He sold the firm in 1995 to transition to mortgage lending. Casey built a team of 300 loan agents from 2003 through 2008, mentoring dozens of senior agents and p roducing training meetings for hundreds. After the Financial Crisis Casey wrote The Loan Guide: How to Get the Best Possible Mortgage.   to help consumers protect themselves from predatory practices. Today Casey is passionate about educating consumers.David Reiss, is a professor at  Brooklyn Law School  and director of academic programs at the  Center for Urban Business Entrepreneurship. He is the editor of  REFinBlog.com, which tracks developments in the changing world of residential real estate finance.

Essay about Five Major Structures of the Brain - 840 Words

The Five Major Structures of the Brain The brain is an amazing structure. It is the most complex and interesting part of the human body. It is like a huge computer that runs every function of the body. The brain is made up of the five major structures that include: the myelencephalon, metencephalon, mesencephalon, deicephalon, and the telencephalon. Each of these structures also has substructures involved within them. You start learning how to do things when you are born and keep learning as you grow old. Without the brain you would not have any memories, would not be able to move, would not have any of your senses, you would not be alive. When you are born the brain weighs on average 350 – 400 grams and as an adult it weighs†¦show more content†¦The mesencephalon is part of the midbrain. The mesencephalon contains the tectum and the tegmentum (Bailey, R., 2012). The tectum is the roof and the tegmentum is the covering (Bailey, R., 2012). This is that portion of the brain that controls everything to do with the sight, body movement, and hearing (Bailey, R., 2012). The diencephalon is part of the forebrain. The diencephalon contains the thalamus and the hypothalamus (Bailey, R., 2012). The thalamus works with the cerebellum and the basil cortex that is located in the telecephalon with movement and coordination (genericlook.com, 2012). The hypothalamus releases hormones to help regulate behavior. The hypothalamus also controls your temperature, autonomic functions, appetite, and diurnal rhythms (genericlook.com, 2012). This part of the brain also includes the methathalamus, epithalamus, and the prethalamus (genericlook.com, 2012). This is the portion of the brain that takes care of motor control, relaying and operating sensory information, controlling autonomic functions, and chewing (Bailey, R., 2012). The telencephalon is also found in the forebrain and is the largest section of the brain. 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The Importance of Liszt’s Sonata in B Minor - 751 Words

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Financial Advisor Essay - 1487 Words

My God there are so many careers out there, who in the world can pick just one. That’s what’s been weighing on my mind heavily is what career is right for me. I’ve thought of a couple that interest me but I want to find out everything there is to know about a financial advisor. The reason that I’m interested in this field is how everything is the same when it comes to the actually math behind the career. Also I like to deal with people and money so a job as a financial advisor just seems right for me but I intend to find out as much as I can to make sure there’s nothing surprising or any kinks in what sounds like the perfect job for me. I really don’t know to much about this career just that they can either deal with selling securities†¦show more content†¦According to the Bureau of Labor and Statistics the average financial advisor makes from $32,340-$145,600 that’s ranging from the lowest-highest recorded †BLS†. 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Impairment Loss Accounting Concept

Question: Describe about the Impairment Loss for Accounting Concept. Answer: Impairment loss is an accounting concept which entails to the fact that the on-financial assets of a firm should not be recorded at more than its recoverable amount. International Accounting Standard (IAS) 36 Impairment of Assets clearly describes the reason why an organization should conduct impairment tests periodically, its accounting and the disclosure requirements. Increasing economic instability is one of the reasons why this standard has gained importance off lately. The entities are required to conduct a comprehensive test for impairment every year of its non-financial assets such as goodwill, patents, trademark, plant and machinery etc as on its date of reporting (Investopedia.com, 2016). It is not mandatory that assets are to be impaired each year. Only if indications exist for the same, will such a loss be recorded. Thus first and foremost indicators for impairment have to be checked and reviewed. It can be external as well as internal to an enterprise. External sources are a negative impact of a change in the market interest rates, change in the technology being used, political and legal issues, the net assets of the firm is higher than the market capitalisation. Internal factors include the performance of the company being worse i.e. low productivity due to internal thrusts, possible obsolescence or restructuring (Iasplus.com, 2015). But it is very important to ensure that even though possible indicators do not exist yet one needs to conduct an impairment test annually for the intangible assets such as goodwill, trademarks and patents. After such test is conducted and if the same portrays any such decrease in the value of an asset then the same should be recorded in the income statement as well as the balance sheet of an entity as impairment loss. Thus if the amount at which an asset is shown in the balance sheet currently exceeds its actual amount of recovery then the difference between the two should be recorded as a loss. It is treated as an operating expense in the income statement and the amount is deducted from the respective asset. Further to this it is very important to note that all the assets shown in the balance sheet of a company do not pass through the test of impairment as per IAS 36. Some of them are stock in trade (IAS 2), assets procured by way of construction (IAS 11), the benefits given to employees such as retirement benefits (IAS 19), biological and investment properties that are recognized in the balance sheet at fair value (IAS 41 and IAS40 respectively) (Alina, 2014). Some terms which are important to understand s as to get a clearer picture of the said standard are : CGU: A cash generating unit (CGU) is a group of assets which are capable of generating cash flows for the company independently. Carrying Amount: The value at which an asset is recorded in the balance sheet of an entity as on a particular date is defined as the carrying amount of the asset. Recoverable Amount: The amount that a company may gain on selling the asset is termed as recoverable amount. It is generally higher of fair value or value in use. Value in Use: NPV of the future cash flows from an asset is termed as value in use (Marques, 2010). Although the assets get impaired, yet there are situations wherein such impairment is required to be reversed as well but for goodwill, which once impaired or devalued cannot be reversed. It is the same internal and external indicators which prompts an entity to consider such a reversal but only to the extent the carrying amount of the asset would have been had it not been impaired in the past. However once such a reversal happens or indications of reversal is known the depreciation or the amortization of the said asset should be considered and necessary accounting entries for the same should be done (Buschhuter, Striegel, 2011). For example if a cash generating unit is subject to impairment and the amount of loss attributable to individual assets is not known then firstly the entire goodwill is written off as a part of such impairment and then the balance is divided amongst the assets remaining for impairment on a pro rata basis. Now if such an impairment is to be reversed then all assets are a subject to the said reversal except for goodwill. IAS 36 requires the entities considering impairment of its assets to make certain disclosures to its notes to financial statements. However it is remarkable to notice that the extent of disclosure with regards impairment of goodwill is much more extensive and exhaustive as compared to other assets impairment. The main disclosures which are mandatory as per the standard are as under: The factors that led to consideration of the impairment of an asset. The amount of impairment loss recognized or reversed for the assets individually or the cash generating units as a whole. The amount of impairment allocated to goodwill. The method used for arriving at the amount of impairment loss i.e. the fair value method or the value in use method. The discount rate used for the determination of the present value of the future cash flows from the assets. If the entity does segmental reporting then a separate disclosure with regards the impairment loss recognized or reversed with regards an asset which is a part of the segment (DAlauro, 2013). Therefore on a concluding note it is understood that the said standard is very important for revelation of a true and fair view of the assets of a company. Further the companys health is known which enables investors to take an informed decision with regards how well the company would be able to pay off its debts with the help of the available asset base. The global economic crisis in the year 2008, has made this standard all the more mandatory. Countries across the globe have recognized this standard as a part of their accounting standards like AASB 136, the standard spelt out by Australian Accounting Standard deals with impairment which is similar to IAS 36. References: Alina, S., (2014), Application Review of IAS 36 : The Issues Companies face Regarding Impairment of Assets, Journal of International Scientific Publications, vol. 8, pp. 25-35 Buschhuter, M., Striegel, A., (2011), IAS36- Impairment of Assets, Gabler: USA DAlauro, G., (2013),The Impact of IAS 36 on goodwill disclosure : Evidence of the write-offs and performance effects, Intangible Capital, vol. 9, no. 3, pp. 754-799 Investopedia.com, (2016), Impaired Asset, Available at https://www.investopedia.com/terms/i/impairedasset.asp (Accessed 17th September 2016) Iasplus.com, (2015), IAS 36- Impairment of Assets, Available at https://www.iasplus.com/en/standards/ias/ias36 (Accessed 17th September 2016) Marques, M.C., (2010), Impairment of assets appraised in accordance with IAS 36, American Based Research Journal, vol. 2, no.7, pp. 23-34

Napoleon and the French Revolution free essay sample

An examination of the influence of Napoleon Bonaparte on the social and institutional changes that arose from the French Revolution. The paper argues that a fundamental shift to a more i just society, with a bureaucratic and rational culture, and a country with less oppression and more individual freedom and opportunity is what evolved out of the work of the first French revolutionaries, such as Napoleon Bonaparte. Napoleon did much to promote and advance the wide-ranging social, economic, and cultural changes that arose from the French Revolution, and it is this legacy and its completion by Bonaparte that this essay focuses on. The principles are divided into several areas: religious, legal, educational, and economic, as well as comments on the institution of the military. In addition, the seizure and sale of church lands was finally declared irrevocable and purchases of biens nationaux were guaranteed to the new property owners. The Church would never regain its unearned wealth and economic power. We will write a custom essay sample on Napoleon and the French Revolution or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page To put it simply, under the Concordat the Catholic Church was no longer an independent corporation within the state, but a body of salaried state servants dependent on the government.

Romeo and Juliet Act3 Scene 1 Essay Example

Romeo and Juliet Act3 Scene 1 Essay Example Romeo and Juliet Act3 Scene 1 Essay Romeo and Juliet Act3 Scene 1 Essay What happens in Act 3 Scene 1? It is a crucial scene, a turning point and it determines the rest of the action. It is a tense and exciting scene for the audience and tragic at the same time. In this scene, soon after Romeo and Juliet secret marriage, Tybalt kills Mercutio and then Romeo kills Mercutio to take revenge. Then, Romeo is banished from Verona. Paragraph1: Why were tension and excitement created? Mercutio is not in a good mood but he is in argumentative mood, he seems angry. The audience is prepared for the fact that a fight is going to occur (tension and suspense are built). He tells Mercutio that if someone is in a bad mood, everything even an unimportant cause will end to a fight. Benvolio is warning Mercutio that because it is a hot day he is sure there will be a fight (and if we meet we shall not scape a brawl-Benvolio). He suggests Mercutio that they should go home. The strong use of vocabulary and personification here increases the tension. for now, these hot days, is the mad blood stirring, Benvolio). We know that a fight is inevitable. The use of symbolism with awhiskers in beards, cracking nuts etc make the audience even more worried for what will happen after (thou, why, thou wilt quarrel with a man that hath a hair less in his beard than thou hast, Mercutio). When Tybalt arrives, the atmosphere immediately changes, becoming much tenser, because of his dangerous reputation, yet he remains polite to Mercutio as Mercutio is not his real target. Mercutio uses provocative language towards Tybalt and Tybalt reacts in a similar way (make it a word and a blow, Mercutio) (you shall find me apt enough to that sir, an you give me a reason, Tybalt) Tybalt tells Mercutio with irony that he hangs out with Romeo, so Mercutio gets angry and threatens. It is evident that he will not withdraw calling him aa villaina (Romeoa ¦ thou art a villain, Tybalt). This is a great insult to Romeo who is of noble birth. He tries to start a fight with Romeo and he accuses Romeo to antagonize him in the hope of starting a fight. The audience adopts negative feelings towards Tybalt.