APR Range: The Annual Percentage Rate is the rate at which your loan accrues interest. It is based upon the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. You will be given the exact APR, loan fees, and other terms by your lender when you approved for a loan. By The Truth in Lending Act law, the lender must show you all the information about the loan before you enter into it. The APR range is between 6% to 35.7% and repayment within 90 days to 30 months. Please know that you are never under obligation to accept the loan terms that a lender gives you. Representative Example: APR is 10% so if you borrow $5,000 over 365 days (12 months). you will repay $439.58 per month and $5,274.95 in total.
Implication of Late Payment, Non Payment or Partial Payment: Each lender has its own criteria and policy when it comes to late payments. Additional fees or charges by your lenders may verify your social security number, driver's license number, national ID, or any other state or federal identification and review your information against national databases to include but not limited to Experian, Equifax, Teletrack, Transunion or DP Bureau to determine credit status. Before you agree to a loan be sure you read and understand the implications of making late payments, partial payment, and non-payment.
Collection Practices: We do not get involved in the process of debt collection. Your lenders' collection practices will be disclosed to you in the loan documents. 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 aren't allowed to threaten legal action against you if they either can’t or don’t intend to pursue such legal action.