The services of our website are absolutely free of charge. Any user can fill out the online form and be matched with the most suitable lenders – and will not have to pay for this. You can submit as many requests as you need. Moreover, we do not take any fees for the refusal to cooperate with the lenders you’ve been matched with: you can communicate with the selected companies and change your mind about taking a loan – and all this will be absolutely free for you.
As for the rates and fees associated with the installment loans online, which are offered by the lenders our company represents, we are not privy to this information. Unfortunately, we can not answer any questions connected with annual percentage rates and late payment penalties foreseen by the lenders you may be matched with. All this data should be checked with the lender you are going to borrow from. Interest rate differ from state and lender and may vary from 5% to 40%. Take time to obtain this information in a good time, before you take out a payday\installment loan.
To understand what is the impact of interest rate, let’s look at an example. Assume we take out a loan for $2,000 by price 10% (interest rate). 10% = 0.10. Loan to be paid back in 12 month, by fixed number of monthly payments that are of equal portions. Each portion contain certain amount of principal and interest.
So, what we get:
That means that you would have made 12 payments of $183.33 each month. Sum of $183.33 include a portion of principal and a portion of price (interest). After 12 month, your loan will be completely paid off.
This is only one of possible conditions, which shows the essence of the installment loan offered by our lenders. Different lenders conditions may slightly vary.
If you get sum of money less than $1000, most often it is paid off with one payment. It’s known as payday loan.
Despite the fact that each individual lender can ultimately determine the rates, fees, and penalties associated with a loan, there are certain state-based regulations, which must be adhered to. These industry-wide similarities in various fees and charges vary from state to state, but they remain the same within the limits of the state. Make sure the lender you are going to borrow from has agreed to abide by federal and state regulations and laws. Find out what maximum loan amounts and annual percentage rates are permitted in your place of living and verify that your lender takes these figures into account.
In order to help you with this issue, we’ve prepared the table that shows the states and the maximum amounts of short term installment loans allowed in them. In the third column, there are additional notes concerning certain regulations in the given state.
All the outstanding issues associated with online installment loans in California, Texas, Las Vegas, Ohio, and other states are resolved in accordance with the local legislation. Take time to sift these questions to the bottom with due advance, before you obtain the money from the chosen lender.
If you are not able to repay the loan in due time, try your best to get in touch with your lender within the shortest possible time. He will impose delinquency charges in line with state provisions and rules. Hereupon, the lender can choose one of several variants of what to do in case of delay in payment. For more data on this issue, please, look through your loan agreement or get in touch with your lender straight-forwardly.
If the amount of your quick installment loan is less than or equal to $500, the costs associated with it can vary between 15% and 40% of the slump sum. The total charges collected for the loans amounting to more than $500, are even higher, as a rule. The lender you’ve been matched with can also foresee late payment penalties and the insufficient fund penalties. For instance, you may be charged $20 as the insufficient fund penalty and 15% of the slump sum of the loan as the late payment penalty. Please, take time to read your loan agreement as carefully as possible, and make sure you understand all the possible financial implications before you sign the agreement.
Most lenders our company represents are not going to sell your debt to third-party collection agencies. They try to collect the client’s debt using their own resources. In most cases, the lenders we are working with get in touch with the borrower via different communication channels, including telephone, email, text messages, etc. As a rule, our partners offer their debtors to pay off their loans for a longer period of time. You should remember that the lenders we match for the clients of our company must adhere to the Fair Debt Collection Practices Act, protecting borrowers from debt collectors.