Rates And Fees
The convenience of accessing payday and installment loans comes at a price. The Annual Percentage Rates (APRs) that apply to unsecured loans are higher than those of traditional loans. Have this fact in mind as you borrow money online.
Rates and fees
Each lender has a unique policy on rates and fees for their loans. They may be different for both loans. Lenders take higher risks when approving unsecured loans. Borrowers do not provide any collateral and hence they depend on the flow of the borrower's income to recover the funds. The high risks involved make lenders charge higher fees, APRs and rates for unsecured personal loans.
However, lenders are obliged to comply with the state laws when setting their fees and rates. Every state has a limit on the highest percentage of interest rate, fees and APR that lenders can charge for unsecured loans. State laws also dictate the range of penalties and fines that apply to defaulters. Our goal is to connect you to lenders with reasonable rates and fees based on the laws in your state. Do not borrow money blindly. Check the laws in your state to determine if a lender is charging fair rates and fees or not.
Full disclosure of APRs, rates and fees
One of the laws that govern unsecured personal loans and traditional loans is that lenders must disclose their terms and conditions before the borrower signs any loan contract. This provision applies to online loans as well.
When you submit your request on your website, one lender in our network responds to your request and verifies your personal details. Once the lender approves your request, you have an obligation to read and understand their terms and conditions. Do not be ignorant and assume that the rates and fees are normal. Compare them with the provisions in your state laws. You intention and responsibility should be to pay your loan on time. However, consider the late and partial payment policies for the lender before accepting the offer.
Partial and late payment policy
Partial and late payment policies differ from one lender to another. You will incur additional charges for late and partial payment for both payday and installment loans. The actual amount depends on your lender's policy, which should be outlined in the terms and conditions. Consider a loan offer from a lender with a fair late and partial payment policy. The best way to avoid fines and penalties for late payment is to authorize your bank to transfer funds from your account when the loan is due. In addition, borrow an amount that you can easily pay at the end of the month after covering your normal expenses.
Lenders in our network make independent decisions on the actions taken to demand for unpaid loans. While we try our best to work with fair lenders, they have a right to demand for unpaid loans from you if you breach the loan contract.
Before demanding for the funds, they will have imposed penalties and fines on your account as they give you time to pay the outstanding balance. Lenders will then use your contacts to demand for funds or use a collection agency to do the same. The constant calls and emails from a lender are necessary but they can be disturbing. If you still fail to pay the outstanding amount, they may file a case in court. A court case adds to your financial burden because you will not only pay the normal rates and fines but also the legal costs incurred by the lender.
You can avoid all these issues by honoring your obligations in the loan contract. Do not assume that online contracts are not legally binding. The contract becomes legally binding the moment you accept the loan offer and provide an e-signature. Do not use the free platform to request for funds that you do not intend to pay. If you intend to honor your obligation, complete the simple form on our homepage and get started today.