Understand APR, interest rates, and all costs associated with FlexPay travel financing
Key information at a glance
Your specific rate depends on your creditworthiness
APR (Annual Percentage Rate) is the yearly cost of borrowing money, expressed as a percentage. It includes the interest rate and represents the total cost of your loan over one year.
A lower APR means you pay less interest over the life of the loan. For example, on a $3,000 loan over 12 months, the difference between 10% and 20% APR is about $150 in interest charges.
Your APR is determined by your credit score, income, debt-to-income ratio, and the loan amount. Better credit typically qualifies for lower rates, potentially including 0% APR promotional offers.
Approximate APR ranges based on credit score tiers (estimates only)
With excellent credit, you have the best chance of qualifying for promotional 0% APR offers or very low rates. You'll likely be approved quickly and may receive the highest loan amounts available.
Good credit scores typically qualify for competitive rates. While you may not always get 0% promotional offers, you'll still receive reasonable rates well below the maximum APR.
Fair credit may still qualify for FlexPay financing, though rates will be higher. You may have lower loan limits and should carefully consider the total cost of borrowing at these rates.
With poor credit, approval may be challenging and rates will be at the higher end. Consider working to improve your credit score before applying, or explore alternative financing options.
Good news: FlexPay has one of the most transparent fee structures
FlexPay does not charge late fees. While you should always pay on time to protect your credit, you won't face penalty charges if you're ever late.
Unlike many credit cards, there are no annual membership or maintenance fees. You only pay the interest on your loan balance.
It's completely free to apply and check your rates. The soft credit check doesn't cost anything and won't affect your credit score.
Pay off your loan early at any time without penalty. This can save you money on interest charges if you can afford to pay faster.
Some lenders charge an upfront fee just to process your loan. FlexPay doesn't charge any origination or processing fees.
What you see is what you get. The only cost is the interest (APR) on your loan, clearly disclosed before you accept.
See what you'll actually pay at different APRs
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Understanding what influences your APR can help you get the best possible rate
Your credit score is the most important factor. Higher scores (740+) typically qualify for the best rates, including potential 0% APR offers.
Stable income and steady employment demonstrate your ability to repay. Higher income relative to the loan amount can help secure better rates.
Lower debt relative to your income is better. Lenders want to see that you can comfortably afford the new payment alongside existing obligations.
The size of your loan and how long you take to repay it can affect your rate. Smaller loans with shorter terms may qualify for better rates.
A longer, positive credit history shows lenders you're a reliable borrower. Length and quality of credit history both matter.
Too many recent credit applications or new accounts can negatively impact your rate. Space out credit applications when possible.
Review your credit report for errors before applying. Even small mistakes can lower your score. You can get free reports from AnnualCreditReport.com.
If possible, work on improving your credit before applying. Pay down credit cards, make all payments on time, and avoid new credit applications.
Apply when you have stable employment and your financial situation is strong. Avoid applying during job changes or financial instability.
Only borrow what you truly need. Smaller loan amounts may qualify for better rates and are easier to repay, saving you interest.
The soft credit check won't hurt your score, so check your rate. Compare it to other financing options before committing.
If you can afford higher monthly payments, choose a shorter loan term. You'll pay less interest overall, even if the APR is the same.
See what APR you qualify for with a soft credit check that won't affect your score
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