Rates and terms
Rates, fees and the representative example.
Everything the loan costs, taken from the lender’s published state disclosures and set out on one page rather than spread across five.
Figures on this page were checked against Galt Credit’s published state disclosures on . How we source figures
What is the APR on a Galt Credit loan?
Approximately 598% on the lender’s published Texas fee-schedule examples. On $500 financed over twelve bi-weekly payments: eleven payments of $111.78, a final payment of $111.45, a finance charge of $952.81 and a total of payments of $1,452.81 at 597.59% APR. There is no application fee and no prepayment penalty; a returned payment costs $30 and a late payment adds $7.50 or 5%.
Key facts
| Product | Personal installment loan, unsecured |
|---|---|
| Amount | $100–$1,000 in Texas; $100–$1,500 in Missouri, Wisconsin and Utah |
| Term | About 4–10 months; minimum 120 days (Texas 120–180 days) |
| APR | Approximately 598% on the lender’s published Texas fee-schedule examples |
| Credit check | Soft inquiry — does not affect your credit score |
| Fees | No application fee, no prepayment penalty; $30 returned item, late fee $7.50 or 5% |
| States | Texas, Wisconsin, Missouri, Utah only |
| Funding | ACH, usually next business day; not guaranteed |
| Lender role | Direct lender in MO, WI, UT; Credit Access Business in Texas |
Rates and fees
Galt Credit loans rates, fees and APR.
Two fees exist beyond the finance charge, and neither applies unless something goes wrong. There is no application fee and no prepayment penalty.
- Application fee$0
- Prepayment penalty$0
- Returned item fee (dishonoured payment)$30.00
- Late fee, after 10 days past due$7.50 or 5%
The late fee is $7.50 or 5% of the late payment, whichever is greater. Fee amounts are taken from the lender’s published Texas schedule and can vary by state. source
Representative example
597.59%
Annual percentage rate on the $500 bi-weekly example published in the Texas fee schedule. source
In Texas this combines third-party lender interest of no more than 10% per annum with Credit Access Business fees. Your figures depend on your state, amount, pay frequency and qualifications.
How the APR is built
In Texas, the annual percentage rate combines two separate charges. The third-party lender charges interest at a rate not exceeding 10% per annum. Galt Financial Solutions LLC, operating as a Credit Access Business, charges its own fees for arranging and guaranteeing the loan. Combined and expressed as an annual rate, the published figure on the fee schedule examples is approximately 598%.
This is why the Texas disclosure separates “Total CAB Fee” from “To Unaffiliated Lender”. On the $500 bi-weekly example, $935.84 of the $952.81 finance charge is the CAB fee and $16.97 goes to the lender as interest. Understanding that split is not academic: it is the reason Texas borrowers deal with Galt Financial Solutions on 888-743-6229 for questions about the loan rather than with the lender.
In Missouri, Wisconsin and Utah, Galt Credit is the direct lender and there is no CAB structure. The lender publishes amounts and terms for those states but states that rates and fees vary by state and by qualification, and directs borrowers to call 1-800-402-8845 for the exact rate, fee and payment on a specific loan.
Published fee schedule examples
These are the lender’s own Texas figures, reproduced so you can see the shape of the cost at three common amounts rather than at one flattering one.
| Amount financed | Schedule | Payment | Finance charge | Total of payments | APR |
|---|---|---|---|---|---|
| $400 | 12 bi-weekly | $92.15 | $797.78 | $1,197.78 | 598.39% |
| $500 | 12 bi-weekly | $111.78 | $952.81 | $1,452.81 | 597.59% |
| $1,000 | 12 bi-weekly | $227.73 | $1,960.34 | $2,960.34 | 598.77% |
| $400 | 5 monthly | $188.22 | $541.05 | $941.05 | 598.54% |
| $1,000 | 5 monthly | $479.24 | $1,395.20 | $2,396.20 | 598.74% |
Final payments differ slightly from the figures shown — for example $91.98 on the $400 bi-weekly schedule. Figures are the lender’s published Texas examples and are illustrations, not offers. Your actual amounts depend on your state, pay frequency and qualifications.
Terms by state
| State | Role | Minimum | Maximum | Term |
|---|---|---|---|---|
| Texas | Credit Access Business | $100 | $1,000 | 120–180 days |
| Missouri | Direct lender | $100 | $1,500 | About 4–10 months |
| Wisconsin | Direct lender | $100 | $1,500 | About 4–10 months |
| Utah | Direct lender | $100 | $1,500 | About 4–10 months |
Loans are contracted for a minimum of 120 days in all four states. The number of payments is determined by your employment pay frequency, so the same loan can be twelve bi-weekly payments for one borrower and five monthly payments for another.
Fees, and when they apply
There is no application fee, no origination fee charged separately from the disclosed finance charge, and no prepayment penalty. Two fees exist and both are consequences of a missed payment rather than costs of the loan itself.
A returned item fee of $30.00 applies when a payment is dishonoured, typically for insufficient funds. A late fee of $7.50 or 5% of the late payment, whichever is greater, applies to payments more than ten days past due. If a payment is going to be short, contact the lender at least two business days before the due date to arrange something — that is the window in which neither fee has to happen.
Prepayment
You may pre-pay at any time without penalty and pay only the interest accrued and fees earned up to that date. On a schedule where cost accrues with time, this is the most valuable clause in the agreement. Settling in month three rather than month eight removes a real share of the total.
Your cancellation right in Texas
Texas borrowers have three calendar days from signing the loan documents to cancel. Cancellation forms are provided with the documents. That right does not exist in every state, so check what your own agreement says rather than assuming.
What is not charged
There is no fee to apply, no fee to check what you qualify for, and no separate origination fee sitting outside the disclosed finance charge. Nobody should ever ask you to send money before a loan is funded: legitimate lenders take their charges out of the loan or out of the payments, never as a wire, a gift card or a prepaid card in advance. A request like that is a fraud in progress, whoever appears to be sending it.
There is also no fee for paying the loan off early, no fee for changing the bank account payments are drawn from, and no fee for asking the lender for a copy of your agreement. If any of those appear on a document put in front of you, stop and call the lender on the published number before signing.
Where to complain
Each state has a regulator you can contact directly. In Texas, the Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705-4207, on 800-538-1579. In Missouri, the Missouri Division of Finance in Jefferson City. In Wisconsin, the Department of Financial Institutions in Madison, on 608-261-9555. In Utah, the Department of Financial Institutions in Salt Lake City, on 801-538-8830. The Online Lenders Alliance also runs a consumer hotline on 1-866-299-7585.
What it costs
Borrow $500. Here is what you hand back.
The same $500, four ways. We are the longest bar on this chart, and we would rather you saw that here than worked it out after signing.
Read that top bar first. If a credit union will lend to you, it costs roughly a third of what this loan costs. That call is free to make and it should be the one you make before applying anywhere — including here.
Estimator
Estimate a payment at your amount.
$600
$100 minimum · $1,500 state maximum · $1,000 cap in Texas
Above $1,000 is offered to returning customers in Missouri, Wisconsin and Utah only.
Estimated payment
$0.00
·
Estimate only. Your exact APR, payment and total appear in your loan agreement before you sign. Rates vary by state, amount and repayment history.
Sources
Where these figures come from.
- Galt Credit — Texas rates, terms and fee schedule — CSO/CAB structure, published APR and worked payment examples
- Galt Credit — rates and terms by state — Missouri, Wisconsin and Utah amounts, terms and state regulators
- Texas Office of Consumer Credit Commissioner — Licensing and complaints for Credit Access Businesses in Texas
- Galt Credit — frequently asked questions — Loan range, repayment window and soft credit check
Rates, fees, amounts and availability change. Where this page and the lender’s current disclosures disagree, the lender’s disclosures are correct.
Keep going
Read next
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Approval is not guaranteed. Texas, Wisconsin, Missouri and Utah only.