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4What’s the Difference?
FFC offers two types of loans: closed-end (aka installment) and revolving. Both options give you the same choices of promotions and approvals. The main difference is how the customer’s payment is calculated.
Revolving accounts are open-ended and based on a minimum monthly payment using a simple payment factor like 1.5% or 2% of the loan amount.
Closed-end is set on a fixed term of 12-144 months, so the payment amount is based on the APR and term.
Loan forms are different for closed-end and revolving. If you’d like more information please call us at 855-241-0024