Interest Rates and Fees
Submitting a loan inquiry through CashSpotUSA (CashSpotUSA LLC) is completely free of charge. Please note that we do not offer direct lending services to consumers. When you provide your information to CashSpotUSA, our automated system will search our network of lenders to match you with potential lenders and loans that may meet your needs. If you agree, you can review an offer and apply directly to that lender.
The Rates and Fees you may incur will depend on various factors, including the lender, state, product type, and the level of risk associated with your application. It is your responsibility to carefully review all offers and compare the Rates and Fees proposed by different lenders. The purpose of this page is to provide guidance on how to efficiently assess the information you receive from your lender.
Complete Disclosure of Terms
Once a lender approves your loan request, they will usually redirect you to an e-signature page provided by them. It’s important to note that the Truth in Lending Act requires lenders to fully disclose all loan fees and interest rates that borrowers may incur when they approve a loan. The lender’s documents should include all information related to rates and fees for the loan.
Take the time to review this information carefully before agreeing to the loan terms and signing the e-signature page. You are not obligated to accept the loan terms. If you find the terms acceptable and want to proceed with the loan process, sign the page and wait for the funds to be transferred.
Understanding APR and its Calculation
What Does APR Mean?
The Annual Percentage Rate (APR) is the yearly cost of a loan, including all fees and interest paid over its life. To calculate the APR, the fees and interest are added up and divided by the loan amount and the number of days in the loan term. The result is then multiplied by 365.
Lenders determine the loan fees and interest rates based on the information you provide, and CashSpotUSA LLC has no control over these details. It is important to note that you are not obligated to continue the application process if you find a particular lender’s terms unacceptable.
Payday loans typically have an average APR of nearly 400%, which puts them in the category of high-cost loans. The table below shows the interest rates associated with short-term loans in different states.
Average APRs in Various States
Short-term loans are subject to various federal and local regulatory provisions, which means that the cost of the loan may vary across the United States. Additionally, the APRs may differ among lenders, considering the additional fees included in the calculation. Below is a table containing recent statistics on the average APR in various states in the US.
| States with Very High APRs | States with High APRs | States with Relatively Low APRs | |||
| Ohio | 677% | Nebraska | 460% | Indiana | 382% |
| Texas | 662% | Kentucky | 460% | Michigan | 369% |
| Utah | 658% | Hawaii | 460% | Iowa | 337% |
| Nevada | 652% | California | 460% | Florida | 304% |
| Idaho | 652% | Alabama | 456% | Wyoming | 261% |
| Virginia | 601% | Missouri | 443% | Rhode Island | 261% |
| Wisconsin | 574% | Alaska | 435% | Maine | 217% |
| Mississippi | 521% | Illinois | 404% | Colorado | 214% |
| Delaware | 521% | Oklahoma | 395% | Minnesota | 200% |
| North Dakota | 487% | Washington | 391% | New Mexico | 175% |
| Tennessee | 460% | South Carolina | 391% | Oregon | 154% |
*Retrieved from Center for Responsible Lending
Please note that the average APRs mentioned in the table are not indicative of the rates charged by all lenders in a particular state. Each lender has its own pricing policy, and the APRs they offer may be higher or lower than the state average. It is your responsibility to carefully analyze and compare the loan offers you receive to make an informed decision.
Additional Fees and Charges
In addition to the interest rates associated with payday loans, the fees and charges related to the use of such loans also contribute to the overall costs.
Penalties for Late Payments
Lenders have different policies when it comes to late payments, but they must inform you of these policies as part of the loan process. It’s important that you review the late payment conditions carefully in the loan documents provided by your lender. All lenders are required to comply with relevant laws, rules, and regulations related to late payment fees.
Penalties for Non-Payment
In the event that you are unable to repay your loan, you may incur additional fees and charges. CashSpotUSA LLC aims to collaborate exclusively with reputable lenders who adhere to fair and reasonable collection practices.
Fees for Loan Renewal
Loan renewal terms and conditions depend on state regulations and may vary significantly. In certain states, borrowers may be allowed to roll over or extend their loans, with associated fees and finance charges. These charges can increase the overall cost of the loan. Therefore, it is important to understand the applicable laws in your state regarding rollovers and extensions. It is also essential to carefully review all of the lender’s terms and conditions before e-signing the loan agreement to fully comprehend how loan renewal options may impact the overall cost of the loan.
Our Loaning Policies
Our core values and mission at CashSpotUSA LLC include high lending standards that we expect our lenders to abide by. As a regulated industry, the Federal Trade Commission and the Consumer Financial Protection Bureau ensure fair treatment of consumers and enforce industry regulations.