$1500 loan taken over a 15-month term will have a total payback amount of $1808.88, at an APR of 24.6% with a payable interest of $308.88. The loan amount can be repaid in installments and not necessarily as a lump sum amount.
Any payment of the loan amount that is made beyond the scheduled date or time period is referred to as a ‘Late Repayment’. If the borrower is not able to pay the scheduled amount at any point of time during the loan tenure, it is important that the lender be intimated ahead of time. In an event of continued non-payment, the lender is bound to take appropriate legal steps or may seize the assets placed as collateral in case of secured loans.
The Annual Percentage Rate, abbreviated as APR is a financial term that refers to the applicable interest amount which shall be imposed by the lender on the availed loan amount. It is the average annual interest calculated against the full-term of the loan. The APR has to be paid along with the repaying sum of the loan. The lenders from the network of Instantlowcreditscoreloans apply an APR falling in the range of 5.99% to 35.99%. The final APR will be decided by the lender depending on many factors like loan amount, loan type, credit scores, loan term, etc.
We work only with reliable and state-licensed lenders who follow the regulatory rules regarding the quick cash loans practice. All the lenders in our network will follow the applicable legal and ethical rules throughout the loan lending process, right from approving the loan until the amount is repaid in full. In case you default a payment, the lenders will contact you by any mode of communication like by a phone call, email, a letter, so as to intimate you to arrange for the payment amount. Upon continued non-payment, the issue may be handed over to collection agencies that will take appropriate actions. Non-payment or untimely payments of loans may adversely affect the credit scores.
Credit scores indicate the creditworthiness of an individual. The aforementioned term ‘Credit Score Impact’ refers to the impact or effect of the borrower’s credit score on the financial prospects and on the currently availing loan. A good credit score has an impressive impact and eases the loan availing process along with considerably lower APR in most cases as compared to a lower financial record which will invite higher APR. There are many factors influencing the credit scores. A default payment will adversely affect your credit scores.
If you wish to overhaul or renew the existing loan term, it is important that you intimate the lender ahead of time. Although most lenders will carry forward the same terms and apply the same APR and fees for the extended tenure, it may vary from lender to lender according to their terms. The loan term is bound to be extended or renewed automatically in case of a non-payment. The lender may charge additional fees or extra interest rates depending on their renewal terms. It is essential that all the details and terms are discussed with the lender and understood well before taking a decision about the loan renewal.
Every lender in our network follows the regulatory rules and federal laws regarding the quick cash loans practice. Still, they have each of their own terms and policies in regard to the APR, fees, repayment terms, etc. In case of non-payment, the lenders will contact the borrower via phone call, email, letter, or any mode of communication to intimate regarding the loan repayment. Upon continued non-payment, the lenders may take appropriate legal actions. It is advised to read thoroughly the terms & policies and understand them before finalizing any agreement.