• Lender-approval and loan terms will vary based on credit determination and applicable state law. The lender’s approval process may take longer due to additional documents being requested.
Rates and Fees
APR and fees are adjusted by many variables, including your credit rating, FICO score, state of residence, income and more. We work with lenders that adhere to applicable state and federal laws. Each state has its own limitation on APR and additional fees, therefore, you should review them before applying for a loan. The Truth in Lending Act requires full disclosures from our lenders of all loan fees and interest rates. If you are offered a loan, you are under no obligation to take the loan. Make sure you are aware of all the terms and conditions before taking a loan and never take a loan you cannot repay.
Possible Effect On Credit Rating and FICO Score
All borrowers must be aware that missing a payment or being late with payments may potentially negatively impact their credit score. Our lenders will likely run one or more credit checks with a major credit agency in order to determine whether or not to approve your application. If our lenders face an incident of non-payment or late-payment, they may report to those credit agencies in order to warn other lenders, banks and financial institutes.
Collection Practices
If for any reason you cannot make a payment on time, you should contact and discuss with your lender immediately on how to resolve it. After entering into a loan repayment schedule, you are protected by the Fair Debt Collection Practices Act (FDCPA), which is overseen and enforced by the Federal Trade Commission and the Consumer Financial Protection Bureau. Our lenders are required to abide by the FDCPA, which includes the following rules (this applies both to lenders and third-party collection agencies working on behalf of the lenders):
• They may not contact you by phone before 8:00 am or after 9:00 pm in your time zone;
• They may not use abusive language toward you;
• They are prohibited from using deception to attempt to collect a debt from you;
• They are not allowed to threaten legal action against you if they either can’t or don’t intend to pursue such legal action.
Renewal, Refinancing and Late-Payment Additional Costs and Fees
Loan renewal policies are largely governed by either state or federal law. In states where automatic rollovers or repayment term extensions are allowed, interest rates and late fees may apply. However, in certain instances, some of our lenders may offer instead a refinance option that allows customers to refinance their existing loan balance into a new loan with a new repayment schedule. Read the lender’s terms in considering renewal or refinancing options before signing the loan agreement.
