The True Cost of Your Personal Loan2021-02-25T13:40:25-06:00

Loan Cost

Rates, Terms, and the Total Cost of Your Loan

How to Find the True Cost of Your Loan

If you’re looking at your loan offer and simply multiplying the amount of each payment by the total number of payments, you might be thinking, “Whoa, this is expensive!”

However, to determine the total cost of your loan, it’s important to look at more than interest rate, full loan term, and payment amount. You need to consider how long it will actually take you to pay back the loan.

We offer the option of paying back your loan in 12 months, though most borrowers end up paying off their loans much sooner. That’s because with Loop Fund:

  1. You only pay interest on your loan for as long as you need the money.
  2. You can pay back your loan at any time without additional fees or penalties.
  3. The earlier you pay back your loan, the less interest you pay.

For Example

If you only need the money for a month or two, here’s an example of how much you can save by paying off your loan early.

Loan Amount: $800.00
Term: 12 months (26 payments)
Payments: $201.95

For this borrower, the total cost of the loan is $354.63.

Another Way to Save

If you’re not sure how long it will take you to pay back the loan but still want to reduce the amount of interest you end up paying, you can make additional payments any time.

Even an extra $20 each payment can decrease the amount of time it takes to pay off your loan and lower the total cost.

You can make additional payments, or pay off your loan balance, through your online client portal.

Questions? Concerns?

We know taking out a loan is a big decision. That’s why we want to provide you with the honest, clear information you need to get a loan that really works for you.

Here are answers to some of the most frequently asked questions borrowers ask. If you can’t find the answers you’re looking for below, explore our Frequently Asked Questions or contact one of our friendly loan advisors.

What kind of loans does Loop Fund offer?2021-02-25T16:20:30-06:00

Loop Fund offers no-collateral-required personal installment loans with repayment terms up to 12 months. The loan is repaid over time with a set number of scheduled payments, though you can pay off your loan or make additional payments at any time without additional fees or penalties. Get your offer >

When will I receive my money?2020-10-08T15:51:05-05:00

The exact timing depends on a few things, including how long it takes your bank to credit the payment to your account. That said, with most banks you can expect to see the money in your account based on when you sign your loan agreement:

  • If your loan agreement was signed by 11:00 am (Central Time) on a business day, you should receive your money by 5:00 pm the same day.
  • If your loan agreement was signed after 11:00 am (or on a weekend or bank holiday), you should receive your money by 5:00 pm the next business day.

For more information on how the funding process works and when you can expect to receive your funds, visit loopfund.com/funding.

Is there a penalty or fee for early payment?2020-10-08T15:50:55-05:00

We never charge fees or penalties for making additional payments, which is why most of our borrowers end up paying off their loans well in advance. By paying early, you can significantly reduce the amount of interest you pay.

For an example of how much you can reduce your total cost by paying off early or making additional payments, visit loopfund.com/cost.

You can make additional payments on principal or payoff your balance in full (with no penalties or fees) anytime through your client portal at secure.loopfund.com/login.

How can I reduce the total cost of my loan?2021-02-25T14:00:45-06:00

There are no fees or penalties for paying off your loan early. In fact, we encourage you to make additional payments whenever possible. The sooner you pay your loan in full, the more you save. See how you can lower your cost >

Still have questions?

Call: 833.684.0905
8am-5pm Central Time
Monday-Friday

Email: info@loopfund.com

Loop
PO Box 838
Keshena, WI 54135
info@loopfund.com
833.684.0905

QUICK LINKS

RESOURCES

Loop
PO Box 838
Keshena, WI 54135
info@loopfund.com
833.684.0905

QUICK LINKS

RESOURCES

IMPORTANT DISCLOSURES

Fox Lending, LLC dba Loop Fund is a commercial enterprise and instrumentality of the Menominee Indian Tribe of Wisconsin, a federally recognized sovereign Indian nation (the “Tribe”), which abides by the principles of federal consumer finance laws, as incorporated by the Tribe, and operates within the interior boundaries of the Tribes’ reservation in Keshena, WI. Fox Lending, LLC is chartered under and operates pursuant to Tribal Law. Loans from Loop Fund are governed by the laws of the Tribe, not the law of your resident state. Please note that nothing in this communication should be construed as a waiver of sovereign immunity, which is expressly reserved.

Loop Fund does not lend to residents of AR, CT, DC, FL, GA, MA, ME, MD, NH, NY, PA, VA, VT, WV, and WI.

This “prescreened” offer of credit is based on information indicating that you meet certain criteria and is subject to credit verification. In addition, to accept this offer, you must have reached 18 years old. This offer may be accepted only by the person identified in this offer and may not be transferred to any other party.

This is an expensive form of borrowing. Loop Fund loans are designed to assist you in meeting your emergency borrowing needs and are not intended to be a long-term financial solution. Fox Lending, LLC encourages quick repayment to avoid finance fees. Alternative forms of credit may be less expensive and more suitable for your financial needs.

You acknowledge that by completing and submitting the website application that you are applying for a loan. We verify applicant information through national databases and we may pull your credit in order to determine your eligibility and ability to repay.

* Loan applications fully verified and approved by 11am Central Time (CT) will be funded as soon as the next business day. Loan applications fully verified and approved after 11am CT on Friday will be funded as soon as the following Monday, so long as the Monday is not a bank holiday. Fox Lending, LLC is not responsible for any additional charges applied by your financial institution.

View our website for applicable rates and frequently asked questions. Complete disclosure of APR, fees and payment terms are provided within the Loan Agreement.

Menominee Indian Tribe of Wisconsin Tribal Hotline: 833.341.5479

Loop Fund Customer Service Team: 833.684.0905

© 2021 Fox Lending, LLC dba Loop Fund. All Rights Reserved.

IMPORTANT DISCLOSURES

Fox Lending, LLC dba Loop Fund is a commercial enterprise and instrumentality of the Menominee Indian Tribe of Wisconsin, a federally recognized sovereign Indian nation (the “Tribe”), which abides by the principles of federal consumer finance laws, as incorporated by the Tribe, and operates within the interior boundaries of the Tribes’ reservation in Keshena, WI. Fox Lending, LLC is chartered under and operates pursuant to Tribal Law. Loans from Loop Fund are governed by the laws of the Tribe, not the law of your resident state. Please note that nothing in this communication should be construed as a waiver of sovereign immunity, which is expressly reserved.

Loop Fund does not lend to residents of AR, CT, DC, FL, GA, MA, ME, MD, NH, NY, PA, VA, VT, WV, and WI.

This “prescreened” offer of credit is based on information indicating that you meet certain criteria and is subject to credit verification. In addition, to accept this offer, you must have reached 18 years old. This offer may be accepted only by the person identified in this offer and may not be transferred to any other party.

This is an expensive form of borrowing. Loop Fund loans are designed to assist you in meeting your emergency borrowing needs and are not intended to be a long-term financial solution. Fox Lending, LLC encourages quick repayment to avoid finance fees. Alternative forms of credit may be less expensive and more suitable for your financial needs.

You acknowledge that by completing and submitting the website application that you are applying for a loan. We verify applicant information through national databases and we may pull your credit in order to determine your eligibility and ability to repay.

* Loan applications fully verified and approved by 11am Central Time (CT) will be funded as soon as the next business day. Loan applications fully verified and approved after 11am CT on Friday will be funded as soon as the following Monday, so long as the Monday is not a bank holiday. Fox Lending, LLC is not responsible for any additional charges applied by your financial institution.

View our website for applicable rates and frequently asked questions. Complete disclosure of APR, fees and payment terms are provided within the Loan Agreement.

Menominee Indian Tribe of Wisconsin Tribal Hotline: 833.341.5479

Loop Fund Customer Service Team: 833.684.0905

© 2021 Fox Lending, LLC dba Loop Fund. All Rights Reserved.