How does the interest rate accrue?
Your interest payments accrue every day, but they are not compounded every day. What that means is that we do not charge you interest on the interest you owe. For example, if you owe $100, and your interest rate is 14.5%, you would pay a little less than 4 cents a day in interest. Tomorrow you would not pay interest on $100.04, but instead, you only pay interest on your $100 balance. When you make a payment your balance decreases, and the interest is only on the balance of the loan, not the original loan amount.
