Fixed and Variable Rates from 3.85% APR to 18.73% APR*
|With a ﬁxed-rate loan, your interest and payments will not change over the life of the loan.|
|18 months||4.75% – 12.25%|
|36 months||5.20% – 13.70%|
|60 months||5.95% – 14.45%|
|84 months||6.45% – 15.45%|
|120 months||7.20% – 15.70%|
|The interest rate on a variable-rate loan may change since it is connected to banking industry index rates. As your variable rate changes, your required monthly payments may go up or down.|
|18 months||1-month LIBOR† + 0.95 % – 1-month LIBOR† + 9.45 %|
|36 months||1-month LIBOR† + 1.325% – 1-month LIBOR† + 9.825%|
|60 months||1-month LIBOR† + 2.075% – 1-month LIBOR† + 10.575%|
|84 months||1-month LIBOR† + 2.575% – 1-month LIBOR† + 11.075%|
|120 months||1-month LIBOR† + 3.325% – 1-month LIBOR† + 11.825%|
With a ﬁxed-rate loan, your interest and payments will not change over the life of the loan. A ﬁxed interest rate does not ﬂuctuate during the entire period of the loan. This allows you to accurately predict future payments.
The variable rate is calculated by adding a margin, assigned by Meritize to the market-based index, LIBOR†. Margins are assigned based on a variety of factors, including your submitted academic, military or career experience details, credit history and cosigner status. Once you are approved for a loan and assigned a margin, your margin is fixed, and it will not change over the life of the loan. Regardless of your index and margin, the effective annual interest rate on your Meritize loan will never exceed 19.99%.
Meritize uses London Interbank Offered Rates (“LIBOR†”) as the index for its variable-rate loans with the 1-month LIBOR† rounded up to the nearest 1/8th of a percent, or 0.125%. This index will reset once a quarter, and as a result your rate may change, moving up or down, a maximum of four times each year. Regardless of your index and margin, the effective annual interest rate on your Meritize loan will never exceed 19.99%.
An annual percentage rate (APR) is the annual rate charged for borrowing money. The APR is a percentage of the total loan amount that represents the actual yearly cost of funds over the term of the loan.
*APR rates are based on current pricing for the Meritize standard loan program with 3%-5% origination fee and current 1-month LIBOR† rounded up to the nearest 1/8th of a percent, or 0.125%. The rate range was computed on a $10,000 loan, assuming 0-48 months of deferment and a 0-3 month grace period.