Terms and Conditions

This is a breakdown of your promissory note to help you understand your loan agreement. 

What you will end up paying: 

By signing your promissory note you are agreeing to pay back the principal balance you borrow as well as accrued interest. Each month, on your due date, you will need to make a payment for the amount listed under "Amount of payments" until you have paid back your loan. 

Payments:

Payments begin 1 month after disbursal. The borrow must make payments on the due date mentioned in their promissory note, each month, every month until their loan has been paid off. Your loan must be paid off in full by your "Maturity Date."

Prepayments:

The borrower has the right to prepay their loan at any time with no additional fee. This includes partial prepayments (extra payments) or paying off their loan in full.

The difference between APR and Interest rate: 

Interest Rate: It is the annual rate which is used to calculate your monthly payments and is the cost to you for your loan.

APR - the annual percentage rate is an implied annualized rate and includes all the other costs of taking a loan. The most common cost APR includes is an origination fee (a one-time fee charged by the online lender which is deducted from the loan proceeds).

What is your finance charge: 

On your promissory note you will see a section called "Finance Charge," this is the total amount of interest that you will pay for the duration of your loan term. Along with the 1-time origination fee.

Late fee:

Late fees vary from state to state. Most states offer a "grace period" before a late fee is applied. This can range from 5-15 days depending on state regulations. This will be covered in detail your promissory note. 

Amount Financed:

The amount financed is the loan amount that you will receive in your bank account after signing the promissory note. If you are charged an origination fee, this will be the amount you were approved for minus the origination fee. 

If you have any additional questions regarding our terms and conditions please feel free to email us at team@stilt.com