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Real Numbers
Alabama
In Alabama, if you borrow $300 and pay it back on your next payday (14 days), it will cost you
this: $352.50. (The amount borrowed plus the finance fee, per $100.)
If you pay it back in 5 months, which is the average length of a payday loan (Pew Charitable
Trust), it costs you this: $930.00. (This is the finance fee multiplied by 17 payments, which is
every 2 weeks for 5 months, plus the original amount you borrowed.)
With Boomerang, after we pay off your verified payday loan, this is what you pay in total, with 4
equal payments, for 4 months: $479.40. (A 36% flat rate, instead of the 456.25% APR charged in
Alabama.)
Boomerang saves you: $450.70
Tennessee
In Tennessee, if you borrow $300 and pay it back on your next payday (14 days), it will cost you
this: $352.95 (The amount borrowed plus the finance fee, per $100.)
If you pay it back in 5 months, which is the average length of a payday loan (Pew Charitable
Trust), it costs you this: $1.253.10. (This is the finance fee multiplied by 17 payments, which is
every 2 weeks for 5 months, plus the original amount you borrowed.)
With Boomerang, after we pay off your verified payday loan, this is what you pay in total, with 4
equal payments, for 4 months: $479.67(A 36% flat rate, instead of the 460% APR charged in
Tennessee.)
Boomerang saves you: $773.43
Texas
In Texas, if you borrow $300 and pay it back on your next payday(14 days), it will cost you this:
$370 (The amount borrowed plus the finance fee, per $100.)
If you pay it back in 5 months, which is the average length of a payday loan(Pew Charitable
Trust), it costs you this: $1,140 (This is the finance fee multiplied by 17 payments, which is every 2
weeks for 5 months, plus the original amount you borrowed.)
With Boomerang, after we pay off your verified payday loan, this is what you pay in total, with 4
equal payments, for 4 months: $433.30 (A 36% flat rate, instead of the 662% APR charged in
Texas.)
Boomerang saves you: $706
If you have the ability, it's far less expensive to pay off the lump sum to the payday lender, on your
next payday in 2 weeks. If you aren't able, it makes far more sense to use Boomerang, which is
affordable credit, and save money.
We think you have better things
to do with your money
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