What is Annual Percentage Rate (APR)?
Annual Percentage Rate (APR) is the annualized interest rate that you are charged on a short-term loan. Because our website doesn’t make credit decisions or provide consumers with loans directly, it is very difficult for us to provide you with an exact APR that you might expect to pay on your loan. Loan interest rates vary and are determined solely by your lender, who will disclose these to you prior to acceptance of a loan. APR is meant to characterize both the interest rate and the fees associated with a loan for an entire year. Since APR is a well-recognized standard for describing the cost of other types of loans, we want to provide a Sample APR that may help guide your assessment on whether a loan offered to you by a lender is the right fit. Remember, this sample APR is simply provided as a courtesy and APR may vary considerably between different loans and different consumers. The typical fees charged by a lender in our network for a $250 loan with a 14-day term range from $15 to $35. These fees translate to an APR range of 100% to 2,500% for a 14-day loan, depending on how the APR is calculated (nominal vs. effective) during the duration of the loan, what loan fees are incurred, late payment fees, loan renewal actions, along with other factors. For more information, please contact your lender directly.
If I Successfully Accept a Short-Term Loan From a Lender in Your Network, When Can I Expect to Receive My Funds?
One of the benefits of a short-term loan is that you can receive your funds quickly. Since we work with a large network of lenders, it is very difficult for us to provide you with exact information on how long it takes to process a short-term loan request or transfer funds. Typically, the whole process may be completed, and you may receive your short-term loan as soon as the next business day after you have been approved by your lender. For more information, we encourage you to contact your lender directly.
Will a Short-Term Loan Impact My Credit?
Most lenders in our network typically do not consider your credit from Experian, Equifax, or TransUnion when determining if they will extend a short-term loan offer to you. However, some lenders may use consumer credit reports or other personal information from alternative providers in order to assess whether to extend a short-term loan offer to you. If you obtain a loan and do not repay your loan on time, your delinquent payment may be reported to a credit bureau, which could negatively impact your credit score. It is very important with short-term loans, as with any loan, that you repay the loan on time or contact the Lender directly to agree on a modified repayment plan if this option is available.
Late Payment & Non-Payment of Loans
When you sign and accept a loan offer from a lender that you are connected with, you are essentially agreeing to pay back the loan and any additional agreed upon amounts in full. Lenders will likely have different policies regarding late payment and non-payment of loans. We encourage you to thoroughly review those policies detailed in the loan documents your lender provides before electronically signing and thereby agreeing to the loan terms and those policies. It is important to note that all lenders must abide by federal and state laws and regulations regarding late payment fees and debt collection. In the event that you are unable to repay your loan, your lender may impose additional fees or charges. All lenders in our network are contractually obligated to abide by applicable federal and state laws regarding collections of past due accounts. We encourage consumers to never accept any loan that they cannot repay timely.
What are the Debt Collection Practices if I Don’t Pay Back the Loan?
Our website is not a lender and does not perform any debt collection. The debt collection practices for the lender offering your loan will be disclosed in your loan documents. If you do not understand or have any questions about the collection practices used by a specific lender you should immediately raise your concerns with the lender directly. Our website has made reasonable efforts to only work with well recognized and trustworthy lenders who employ fair handling in their collections practices for past due accounts. If you have any questions or concerns regarding debt collection, you are encouraged to reach out to your lender directly.
Important Considerations
Our website only partners with and allows reputable lenders in our trusted network. Although we are not a lender, our website supports all provisions of the Fair Lending Act, which require lenders to afford to consumers fair, equitable, and nondiscriminatory access to credit. We also support all provisions of the Fair Debt Collection Practices Act enforced by the Federal Trade Commission. For more information and details, please visit our Responsible Lending page.
