Posted by Bill K. (AZ) on May 02, 2000 at 18:22:07:
The terms vary from one lender to another. However, the few that I’ve been in contact with would charge me anywhere from 1-5 points origination, and 12-16% interest. Generally, the more I pay in points, the lower I can get my interest rate. So, for a loan of 1-day, try to get a higher interest rate so that you can pay fewer origination points. Keep in mind that a lender may also want to make a minimum in interest. So, for example, you may pay for 3 months worth of interest even though you only need the loan for a day.
I hope this helps.
Bill K. (AZ)