Payday Loans: Interest and APR calculations for LendUp

[iskico]

Hi all,

I am stumped on how LendUp calculates both their interest and APR (https://www.lendup.com/rates-and-notices - bottom table). While I can solve the APR for the first row (1 month), I'm unable to for the longer term loans. Any insights into how the interest amount and APR are being calculated? Thanks!

 

[Deleted member 4993]

Hi all,

I am stumped on how LendUp calculates both their interest and APR (https://www.lendup.com/rates-and-notices - bottom table). While I can solve the APR for the first row (1 month), I'm unable to for the longer term loans. Any insights into how the interest amount and APR are being calculated? Thanks!

Are you referring to this table:
An example of our fees:

Amount Advanced	Loan Length	Administrative Fee	Interest Charge	Repayment Amount	APR
$100.00	1 Mo.	$5.00	$2.49	$107.49	88.19%
$300.00	2 Mo.	$15.00	$10.54	$325.54	67.49%
$500.00	3 Mo.	$25.00	$21.51	$546.51	54.99%
$1,000.00	12 Mo.	$50.00	$130.75	$1,180.75	31.84%