Consumer Cost of a Line of Credit

Consumer Cost

There's no easy solution, but here are a few simple tips to help you identify if Mobiloans is the answer for you.

Crunch the numbers before you take out a Mobiloans line of credit. Make sure you consider the following:

How much does Mobiloans Cost?

When you get a line of credit, you pay a Cash Advance Fee. For amounts drawn from your Mobiloans Credit that are up to $500, the Cash Advance Fee will be $3 per $20 drawn. For amounts drawn from your Mobiloans Credit over $500 up to $1,000, the Cash Advance Fee will be $2 per $20 drawn. For amounts drawn from your Mobiloans Credit over $1,000 up to $1,400, the Cash Advance Fee will be $1.50 per $20 drawn. For amounts drawn from your Mobiloans Credit over $1,400 to $2,000, the Cash Advance Fee will be $1.30 per $20 drawn. For amounts drawn from your Mobiloans Credit over $2,000, the Cash Advance Fee will be $1.00 per $20 drawn.

If you pay your line of credit back in full, including the Cash Advance Fee, on or before your due date, there are no additional fees or charges¹.

IMPORTANT INFORMATION REGARDING RATES, FEES, AND OTHER COST INFORMATION

Annual Percentage Rate
on Mobiloans Credit Advanced

206.79% - 442.31%

This APR will vary based on the amount of the line of credit and the maximum number of billing cycles available for payment. Below are examples of some of our credit amounts with their respective APR.

APR = ((Total Fees/Avg. Principal Balance)/Number of Billing Cycles) * Billing Cycles per year * 100

Line of Credit Amount	Number of Billing Cycles (1 Billing Cycle = approximately 14 days or 26 per year)	Total Fees (Cash Advance and Fixed Finance Fees)	APR % (No Rewards Discount)	Rewards Level - Diamond APR% (65% reduction in Cash Advance Fees and Fixed Finance Charges) Go to www.mobiloans.com/rewards for more information on how to qualify.
$200	13	$230	442.31%	154.81%
$1,000	25	$1,600	320.00%	112.00%
$1,300	38	$2,859	293.23%	102.63%
$1,500	50	$4,025	273.59%	95.76%
$2,500	60	$6,064	206.79%	72.38%

206.14% - 442.31% This APR will vary based on the amount of the line of credit and the maximum number of billing cycles available for payment. Below are examples of some of our credit amounts with their respective APR. APR = ((Total Fees/Avg. Principal Balance)/Number of Billing Cycles) * Billing Cycles per year * 100 Go to www.mobiloans.com/rewards for more information.
IMPORTANT INFORMATION REGARDING RATES, FEES, AND OTHER COST INFORMATION
Annual Percentage Rate on Mobiloans Credit Advanced
Line of Credit Amount Number of Billing Cycles Total Fees APR % Rewards Level - Diamond APR%	$200 13 $230 442.31% 154.81%
Line of Credit Amount Number of Billing Cycles Total Fees APR % Rewards Level - Diamond APR%	$1,000 25 $1,600 320.00% 112.00%
Line of Credit Amount Number of Billing Cycles Total Fees APR % Rewards Level - Diamond APR%	$1,300 38 $2,879 295.28% 103.35%
Line of Credit Amount Number of Billing Cycles Total Fees APR % Rewards Level - Diamond APR%	$1,500 50 $4,010 272.58% 95.40%
Line of Credit Amount Number of Billing Cycles Total Fees APR % Rewards Level - Diamond APR%	$2,500 60 $6,045 206.14% 72.15%

Minimum Charge

Fixed Finance Charge

Each Billing Cycle you will be charged a Fixed Finance Charge of:

If the principal balance as of the last day of your prior Billing Cycle, excluding the amount of new Mobiloans Cash advances made during that Billing Cycle was

...your Fixed Finance Charge will be:

$0-$10.00

No charge

$10.01-$100

$10

$100.01-$200

$25

$200.01-$300

$35

$300.01-$400

$45

$400.01-$600

$65

$600.01-$900

$95

$900.01-$1,000

$105

$1,000.01-$1,400

$110

$1,400.01-$2,000

$125

$2,000.01-$2,500

$135

Transaction Fees

Cash Advance Fee

$3.00 for each $20.00 of Mobiloans Cash advanced, for draws of up to $500

$2.00 for each $20.00 of Mobiloans Cash advanced, for draws over $500 up to $1,000

$1.60 for each $20.00 of Mobiloans Cash advanced, for draws over $1,000 up to $1,400

$1.40 for each $20.00 of Mobiloans Cash advanced, for draws over $1,400 up to $2,000

$1.00 for each $20.00 of Mobiloans Cash advanced, for draws over $2,000

You can make payments on your Mobiloans line of credit at any time at Mobiloans.com.

If you need more time to repay your Mobiloans Credit, a minimum charge is calculated on a tiered level based upon the unpaid balance. This fee is a Fixed Finance Charge, and will be charged to your account each billing cycle (approximately 2 weeks) you have an unpaid balance. There are a minimum of two billing cycles per month. Noted below are the outstanding principal balances with the appropriate Fixed Finance Charges¹.

Calculate Loan Cost & Fees

What is the Principal balance before the new Cash Advance?

Select new Cash Advance Amount

Not all loan amounts are available to all customers.

Click 'Calculate' to see an example minimum payment schedule and associated fees.

New Starting Principal Balance: $100

Total payments: $155

Total Billing Cycles: 5

Approx Months To Pay Off: 2.5

Average Principal Balance: 2.5

Average Percentage Rate (APR): 2.5

Min. Principal Payment:

Fixed finance Charge:

Cash Advance Fee:

Total Payments:

$15.00

# of Billing Cycle (Approx 2 Weeks)

Total Minimum Payment

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*Please note that this is an example and actual amounts may vary slightly based on your account balance and billing at the time of the new cash advance.

How Does This Compare with the Other Options Out There?

1 Bank overdraft fees are usually more expensive than a Mobiloans line of credit advance. For example, if you need to cover a single $40 purchase, bank overdraft protection would cost an average of $35, but a Mobiloans line of credit would cost only $6, if paid in full on the first billing cycle.

Source: Center for Responsible Lending, Broken Banking: How Overdraft Fees Harm Consumers and Discourage Responsible Bank Products, p.2 (May 2016); retrieved from: http://www.responsiblelending.org/sites/default/files/nodes/files/research-publication/crl_broken_banking_may2016.pdf. Accessed 7 Nov. 2016.

Is Mobiloans Right for You?

Remember, a Mobiloans line of credit is for short-term cash needs and isn't the right solution for every financial situation. Before you apply, always consider these lower cost options:

Borrow money from a friend, family member, or your employer.
Request a payment extension from the company that sent you a bill.
Check with your bank or credit card provider to see if they can provide a lower cost credit option.

What Other Financial Information is Out There?

Click on the buttons below to visit some helpful financial sites:

http://www.ftc.gov

http://www.mymoney.gov

http://www.federalreserve.gov

http://www.annualcreditreport.gov

MobiLoans, LLC, a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana ("Tribe"), a federally recognized Indian tribe, operates within the Tribe's reservation. Certain limitations apply. See Terms and Conditions for complete details. All trademarks, service marks, and registered marks are the properties of their respective owners. Maximum line amount of initial line is $2,500.00. Refer to the Terms & Conditions for additional details. Applications processed and approved before 4 p.m. CT are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Mobiloans is an expensive form of short term credit and should not be used as a long term solution.

¹See Important Truth in Lending Disclosures.

A Cash Advance Fee is charged one time per draw and is calculated as follows:
Draw Amount	Cash Advance Fee
Up to $500	$3.00 for each $20 of cash advanced
Over $500 up to $1,000	$2.00 for each $20 of cash advanced
Over $1,000 up to $1,400	$1.60 for each $20 of cash advanced
Over $1,400 up to $2,000	$1.40 for each $20 of cash advanced
Over $2,000	$1.00 for each $20 of cash advanced

If the principal balance as of the last date of your prior Billing Cycle, excluding the amount of new Mobiloans Cash advances made during that BillingCyle was	---your Fixed Finance Charge will be:
$0-$10.00	No Charge
$10.01-$100	$10
$100.01-$200	$25
$200.01-$300	$35
$300.01-$400	$45
$400.01-$600	$65
$600.01-$900	$95
$900.01-$1,000	$105
$1,000.01-$1,400	$110
$1,400.01-$2,000	$125
$2,000.01-$2,500	$135

Additional fees may apply for checks returned due to insufficient funds. The Annual Percentage Rate (APR) ranges between 206.14% - 442.31%. The APR varies based on the amount of the line of credit and the maximum number of billing cycles available for payment. For payment examples and APR’s, please see What it Costs.

²In most cases, requests for cash that are received and can be verified prior to 4:00 p.m. Central Time (Monday - Friday) will be funded as soon as the next business banking day (excluding weekends and bank holidays). Requests for cash received after 4:00 p.m. Central Time (Monday - Friday) may require an additional business banking day to fund.

We adhere to the principles of the federal Fair Debt Collection Practices Act (FDCPA). Because we may report your payment history to one or more credit bureaus, late or non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with or sell your loan to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt.