Example: Shelley has hospital bills
Shelley broke her leg while ice skating in her backyard. Nobody was home at the time, so she had to call an ambulance to take her to the hospital. On arrival, she discovered that she would have to pay for the ambulance, as well as crutches and any medication she required. Her ambulance bill came to $240.00, while her crutches cost $45.00 and her medications totaled $65.00 – a total of $350.00. Without insurance, she had to cover the costs herself. What’s more, Shelley wouldn’t be able to work her job as a waitress, which means she wouldn’t have as much money coming in. She realized she needed to take out a loan to cover her hospital bills, as well as a little extra to cover the cost of groceries and bills for at least two weeks. Since she wasn’t mobile, Shelley headed online and applied for a $1,000 personal loan with an online lender.
|Cost of hospital bills||$350.00|
|Loan type||Personal loan|
|Interest rate (APR)||9.00%|
|Loan term||6 months|
|Additional fees||Origination fee of 3% ($30.00)|
|Total loan cost||$1,056.41|
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.