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Rates & Fees

The rates and fees associated with your short-term loan will ultimately be determined by your lender, but there are many similarities throughout the entire funds loan industry. It is the goal of Speedy Loan to provide a guarantee that you will deal with only those lenders who agree to follow Federal and state lending guidelines. In some cases, you may be given the option of obtaining a loan from a tribal lender. Lenders that are an extension of a federally recognized Indian Tribe are owned by independent sovereign nations and may not be required to follow local or state laws regarding rates, fees and other loan terms, although such lenders conform to federal lending laws including the Truth in Lending Act. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. We also provide plenty of resources and information to help you deal with any issues that may arise with the lender you select.

Disclosure of Fees Including the APR

The APR or annual percentage rate is the cost you pay for borrowing money. Creditors and lenders use the amount and length of your loan to determine your APR. Borrowers are expected to repay the loan amount plus fees and interest. Short-term loan borrowers can expect APRs between 169% and 1,825%, which can be higher than traditional loan APRs. While the APR on a short-term loan may be higher than some traditional loans, there are more costly consequences of missing payments or bouncing checks.

Loan Basics

Speedy Loan has worked hard to provide you with articles, resources and other information that is designed to help you have the best experience possible when it comes to obtaining short-term funds loans. This includes information about the rates and fees associated with loans, scams that you should familiarize yourself with, and the best ways to use funds loans responsibly. We have provided links to the Federal Trade Commission and the Consumer Financial Protection Bureau. These agencies exist to help regulate the funds loan industry, prevent unfair debt collection procedures and ensure that you are not discriminated against when it comes to obtaining a short-term loan.

Implications of Late Payment

If you are unable to repay your loan on time, you are urged to contact your lender as soon as possible. Late payment fees are set by the lender according to your state’s regulations, and each lender has its own policy on how to handle late payments. Short-term loan lenders may take several courses of action in case of late payment. It is advised that you review all of the documentation you receive from your lender before signing the loan agreement in order to get an understanding of what will happen if your payment is late.

Implications of Non-Payment

Financial implications

Fees for short-term loans that amount up to $500 may vary from $15 to $40 for $100 borrowed. Lenders may charge higher fees for loan amounts of more than $500. Please remember to check it with your lender before signing a loan agreement. Please note that lenders may charge additional fees for non-payment or non-sufficient funds.

Collection practices

Most lenders from our network stick to in-house collections and attempt to collect the debt through email, SMS and telephone. Apart from that, they do not sell the loan or sue debtors; instead they may offer debt settlements over some period of time. Debt collectors must observe the regulations of the Fair Debt Collection Practices Act so please go through the FDCPA or contact your lender directly for more information.

Impact on credit score

If the borrower fails to repay the debt, the lender is within their right to file a report with a credit rating company saying the borrower in question hasn’t paid back the loan. The report may be reflected in borrower’s credit record for the time the loan remains unpaid. If the lender reports to credit reporting agencies once the loan has been paid back in full, the corresponding changes are introduced to the report and the credit record changes too.

Renewal policy

Depending on the lender, renewal may be automatic if the loan has not been repaid on the due date. Some lenders give debtors several options to choose from when taking out a loan: auto-renew a loan, pay it in full or pay down the principle. The minimum renewal term is 15 days. Please note that you may be required to pay additional fees associated with loan renewal and loan interest rates may be reset as well.

State Regulations

Every lender in our network is required to adhere to Federal law and state regulations as they apply to short-term loans. States typically govern whether or not short-term loans are allowed, the maximum amount that may be loaned and the amount of finance charges and interest that a lender can charge. Some states set limits on the number of loans that may be outstanding at any given point in time as well as the number of extensions that are available to consumers. Listed here are the states, the maximum loan amounts, and the regulations as they apply.

Please note that some lenders in our network may lend under other licenses that follow legislation that has different requirements.