APR and annual interest: what is the difference?
APR (Annual Percentage Rate) expresses annual borrowing cost, taking interest, fees and the repayment method into account. The 24% shown here is 2% × 12 months without compounding. It is not a cash-flow APR or a ceiling on the cost annualised over every possible actual borrowing period.
The first THB 2,000 annualises to 24%; only the portion above THB 2,000 annualises to 15%. Rates apply separately to each band, not 15% to the entire principal. There are no fees other than interest.
Early redemption is charged in half-month or full-month periods, not daily pro rata. For example, pawning THB 10,000 and redeeming on the same day incurs half-month interest: THB 70 interest, THB 0 fees and THB 10,070 total repayment, even though the actual borrowing period is shorter than half a month.
Monthly rates and partial months: Thai Pawnshop Act, Section 17 ↗