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Why Town Financial?
Town Financial is your reliable and trustworthy choice for your loan financing needs. We’re known for being comparatively faster than banks–often we are able to provide application results in one hour. With our affordable loan programs you will be able to borrow and pay off your loan in no time at all! We handle loans for everything from car repairs, vehicles, bills, medical expenses, you name it. See our Privacy Policy.
Town Financial Consumer Loan: The Best Choice
| Installment | Credit Card | Direct Deposit Loan | |
|---|---|---|---|
| Determines Your Ability to Repay the Loan | Yes | Yes | No |
| Affordable, Equal Monthly Payments | Yes | No | No |
| Balloon Payment Required at Payoff | No | Yes | Yes |
| Penalty for Early Repayment | No | No | Sometimes |
| Reports Payment Behavior to Credit Bureaus | Yes | Yes | No |
| ACH Required | No | No | No |
| *This table is from the White Paper: Traditional Installment Loans are a Beneficial Form of Credit for Working Americans published by AFSA, 2015. |
The Numbers: Town Financial Consumer Loans
| Installment | Credit Card | Direct Deposit Loan | |
|---|---|---|---|
| Amount Borrowed | $1,000 | $1,000 | $1,000 |
| Term | 12 Months | 12 Months | 12 Months |
| Rate | 35.99% Maximum | Average of 16% | Average of 300-400% |
| Late Charges | 10 Day Grace | Don't be 1 day late ~ Big Fees! | |
| Payment | $100.46 | $40 | $81.49 (Every two weeks) |
| Interest/Fees | $205.52 (To have the money for 1 year) | $280 (Plus a 2-5% cash advance fee) | $638.60 (To have the money for 4 months) |
| Total of Payments | $1,205.52 | $1,320 | $1,638.66 |
Consumer Loan
Following the example above, if you were to borrow $1,000 from Town Financial, we would set you up on a 12 or 24 month term. Your monthly payments would be the same throughout the term so you would know exactly how much your total payback would be if you made all your payments on time. Consumer loans are your easy budget solution.
APR 35.99% or lower; no minimum repayment period; no early repayment penalties; maximum repayment period of 36 months
Credit Cards
Following the example above, if you were to charge $1,000 to your credit card, it would take you 33 months to pay off the debt at the same rate. With credit cards, your card may carry a lower rate, but if you only pay the minimum payment you may end up paying more in the long run. With credit cards, you don’t always know how long it will take for you to repay credit debt.
APR 35.99% or lower; no minimum repayment period; no early repayment penalties; maximum repayment period varies
Direct Deposit Loans
A Direct Deposit Loan might seem like the easy solution, but statistics show that only 2 ½ people out of 10 ever pay off their Direct Deposit Loan on time. Direct Deposit Loans charge between 300-400% interest, plus fees. Once most individuals start, they have a hard time getting out of them.
APR 35.99% or lower; no minimum repayment period; no early repayment penalties; maximum repayment period of 36 months
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