605 Lending rates: what 15% per week really costs you
605 Lending says its interest rate is 15% per week. That sounds like a manageable number until you do the math. Fifteen percent per week, compounded, works out to roughly 780% APR. In this guide we translate that percentage into the actual dollars you would repay.
How 605 Lending calculates interest
Interest is figured weekly at 15% of the outstanding principal. Your payment dates are tied to your pay schedule, whether that is weekly, biweekly, or monthly. Each payment includes both principal and interest, so the balance falls over time and interest charges shrink with it.
In one loan agreement filed in federal court, a $450 loan carried an APR of 775.30%. That is typical for this lender.
Real cost examples
The table below shows what you would pay in interest on the starting balance for a single week. Because the principal decreases as you repay, your actual total interest over the life of the loan will be lower than simply multiplying the weekly interest by the number of weeks, but the numbers illustrate the scale.
| Amount borrowed | Weekly interest (first week) | Monthly cost (approx.) | Estimated total repaid* |
|---|---|---|---|
| $300 | $45 | $180 | $540–$720 |
| $600 | $90 | $360 | $1,080–$1,440 |
| $1,000 | $150 | $600 | $1,800–$2,400 |
*Range depends on term length and how quickly you pay down principal. Paying early significantly reduces total cost.
How to read the APR
APR, or annual percentage rate, is the standard way to compare loan costs across lenders. A credit card might charge 25% APR. A personal loan from a bank, 10% to 36%. A 605 Lending loan sits near 780%. The number is large because the weekly rate is multiplied across 52 weeks, even though the loan term is usually shorter.
The APR is useful for comparison, but the number that matters most for your budget is the total repayment in dollars, which is shown in your loan agreement before you sign.
Why the rate is so high
605 Lending is a tribal lender that does not require a credit score. It accepts borrowers that banks reject, and that higher risk is priced into the rate. Tribal lenders also operate under tribal law rather than state interest-rate caps, which allows rates that would be illegal at a state-licensed lender.
How to reduce what you pay
Borrow less
Every $100 you do not borrow saves you roughly $15 per week in interest. If you need $400, do not request $600 just in case.
Pay early
There is no prepayment penalty. Every dollar you pay above the scheduled amount goes to principal and immediately reduces next week's interest charge.
Shorten the term
A loan paid off in eight weeks costs far less than the same loan stretched to six months. Choose the shortest schedule your budget can handle.
Cheaper alternatives to consider first
If you can wait a day or two, several options cost a fraction of a 605 Lending loan:
- Credit union PAL: Maximum 28% APR
- Cash advance apps: EarnIn and Dave charge no interest, just optional tips
- Negotiate with the biller: Hospitals and utilities often set up interest-free payment plans
See the full list in our alternatives guide.
Bottom line
Fifteen percent per week means a $500 loan costs roughly $75 every single week in interest. Before you sign, look at the total repayment figure in your loan offer, and make sure you have checked whether a cheaper option is available to you.