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APR (Annual Percentage Rate)

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APR (Annual Percentage Rate)

Annual Percentage Rate includes the rate of interest and other fees charged on a sum borrowed. It is calculated annually by taking into account the total amount borrowed, all the fees associated with the transaction and the time period for which the loan has been taken.

APR and credit score

Annual Percentage Rate depends upon your creditworthiness and this can be determined from your tendency and ability to repay your loans. The more your credit score is, the lower your APR will be. For example, if you have a credit score of 850 to 720, you will be offered an APR of 10% to 12%. On the other hand, one with a score of 300 to 640 will have to bear it as high as 28% to 32%.

Glossary Annual Percentage Rate

However, this may not be the parameter to determine the APR of every lender. The payday lenders, who do not perform any credit check will not consider high credit score only and hence, the poor credit borrowers will still have chances to get financial assistance, in spite of having a lower credit score.

Factors affecting the APRs

There are a few factors other than credit scores that affect the Annual Percentage Rate, such as:

  • Type of Credit - It is very important for you to know that the type of credit you borrow will definitely affect your APRs. For example, if you get a secured loan like car title loans, the APR is lower.
  • Search for lenders - Researching for more lenders around you may help you to get a better loan deal with a lower interest rate as per the lender's loan terms.
  • Your annual income - The APR will always depend on your capacity of repayment. So, the higher your income is, the lower the percentage of APR is charged.
  • Stability of employment - Your stability on your jobs will increase your chances of getting lower APRs.

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Applying Does NOT Affect Your Credit Score

CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

CashAmericaToday is a brand of Silver Financial Capital. The purpose is to meet your short-term borrowing needs, not long-term financial needs. Please note that this is an expensive form of borrowing. The loans and lines of credit may be used for whatever reason you need, like unexpected emergencies, car repairs, medical bills, or travel expenses. In addition, alternative forms of financing like credit card cash advances, personal loans, and home equity lines of credit might be more affordable and better suited to your needs.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM CST will be processed on the next business day, usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday- Friday: 7:00 AM to 4:30 PM (CST) or email to

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