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Yeah, we've iterated a lot (and done a lot of customer interviews) to try to figure how to make the presentation as simple-to-understand as possible. It's hard
by pc 7y ago
Yeah, we've iterated a lot (and done a lot of customer interviews) to try to figure how to make the presentation as simple-to-understand as possible. It's hard to show a (de facto) APR precisely because it will depend on your subsequent sales. (And showing it could even be confusing because there's no compounding with our fee structure.) All that said, one of the key questions we care about when speaking with customers, prospective and current, is "Are the terms clear?". And if coming up with some kind of APR-equivalent modeling thing helps achieve that, we'll do it!
- robryan 7y agoThe issue is comparison, a lot of customers are going to have to build their own spreadsheets to try and compare the terms with alternatives. What you have is basically the industry standard for this form of capital, but definitely an opportunity to do better with transparency.
- tomnipotent 7y agoProvide a tool that show's the loan repayment based on historical data e.g. a scenario. Let me go back 12 months, pretend I took a loan of $X amount at Y date and simulate the repayment based on a customers actual historical data.