LONO provides asset-secured loans with flexible repayment terms of up to 5 years and no early repayment penalties. Monthly interest rates range from 1.85% to 2.5% (22.2% to 30% APR), depending on the asset and loan amount. For example, if an asset is valued at $40,000 and a $20.000 loan is taken at a 2.5% monthly rate, the interest amount is $500 per month. Fees for storage, appraisal, shipping, and administration apply, with the overall cost of borrowing typically ranging from 23% to 42%. All loans comply with the Consumer Protection Act (see FCAC for details). For more information please visit the FAQ or contact us.