Annual Percentage Rate (APR)
The annual percentage rate (APR) is the annualized interest rate charged to you for the loan. This is the combination of the nominal interest rate and some additional costs such as the costs of obtaining a loan. In general, our lenders offer APRs for cash advances ranging from 200% to 1386%, from 4.99% to 450% for personal loans and from 6.63% to 225% for term loans. Since maximas is not involved in the lending process, we can not provide any details about the TAP that will be offered to you. The APR depends solely on the decision of your lender, based on a variety of factors, including your credit score, credit history, income, and other information you provide in your application. For more information on TAP, contact your lender.
Representative example of APR
If you borrow € 2,500 over a period of one year with a 10% APR and a 3% fee, you will have to pay € 219.79 per month. The total amount to be paid will be € 2,637, with a total interest of € 137.48.
Financial implications (interest and financial charges)
maximas is not a lender and we can not predict what fees and interest rates will apply to the loan that will be offered to you. It is your lender who will provide all the necessary information about the cost of the loan before you get approval. It is your responsibility to read the loan agreement carefully and to accept the offer only if you accept all the terms and conditions. The maximas service is free and you do not have to accept the conditions that the lender offers.
Consequences of non-payment
When you accept the terms and conditions of a loan, you agree to repay the amount you owe according to the schedule specified in the documents. In case of non-payment, additional charges may apply. Late payment penalties vary from one lender to another, and since maximas is not involved in the lending process, we can not provide any information about the fees you will incur in the event of a default. For more information, please contact the lender directly if you encounter problems related to the repayment of your loan.
Potential impact on credit score
maximas is not a lender and we do not check your credit rating or credit capacity. When you submit a request on our online platform, this is considered a request for information that does not affect your credit score. However, some lenders can perform a credit check to verify their eligibility for a loan. Most likely, they will turn to one of three major credit bureaus which, in most cases, is considered a difficult one and can affect your credit score.
maximas is not a lender. As such, we do not participate in any debt collection practices and we can not inform you. Your lender will specify its collection practices in your loan agreement. If you have any questions about this problem, please address them to your lender. For more information, visit our responsible lending page.
Loan renewal policies
Loan renewal options are not always available. It is therefore advisable to specify if the option is available with your lender. Be sure to read the renewal policy in the agreement carefully before signing the documents.