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If qualified you will begin to receive one or more offers from various lenders across the country that are competing for your business.
When choosing the offer of your convenience, you are asked to sign documents. There will never be a penalty if your credit application is denied.
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Our direct lenders do not require information via fax or any paper. They will approve people who have good or bad credit, or no credit.
Low requirements for you to qualify:
Be at least 18 y.o. and US citizen
Steady source of income and live in an elegible state.
Have an active checking account.
ispotpayday.com is not a lender and does not offer short-term loans either, but it does direct consumers to lenders who can provide such loans or other types. ispotpayday.com will not be able to provide you with an exact APR (Annual Percentage Rate) to be charged if you are approved for a loan prior to initiating a loan application. APRs are subject to variation due to information provided by you on your electronic loan application and by your lender. The lender will provide you with the APR for you, the loan rates you selected, and other terms when you are redirected to your particular loan agreement within the loan formalization process.
An APR for a short-term loan can vary and we would like it to be from 35.9% upwards, or depending on how the APR (nominal vs. effective) is calculated, the duration of the loan, the loan fees incurred, the fees for late payment, default fees, loan renewal actions and other factors. Please note that the rank in an APR is not your finance charge, but a calculation. And the finance charge will be revealed later.
Let's see an Example:
If you Borrow $200 for 14 days with a $30 to $60 lender fee. Your estimated APR will be 391% to 782%
Following the Calculation is : (lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100
One) Low End of Range: ($30 / $200) * (365 days / 14 days) x 100 = 391.07%
Two) High End of Range: ($60 / $200) * (365 days / 14 days) x 100 = 782.14%
Term payday loans are a bit more expensive compared to other financial products.
Short loans are not recommended as a long-term financial solution and should only be taken for extremely real emergency financial needs.
ispotpayday.com has been reliable service for online cash loans.
Despite the current situation, we continue to connect thousands of people with trusted lenders every month, as a need is solved.
In case of not being able to pay your loan payment on the indicated date, please contact the lender. For that late payment, your lender will set their own state-regulated rates, and your lender has several resources available for your late payment. If you would like more information about these specific procedures, ask your lender, and please review your loan agreement. Try to maintain fluent communication with your lender.
Implications of Non-Payment
The costs associated with loans of up to $500 range from 15% to 36% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.
Impact on Credit Score:
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative report will be reflected on your credit history indefinitely until the loan is repaid in full. After the lender has received payment in full, they will report this to the credit reporting agencies and the report will be removed from your record.
Some of the lenders in our network may automatically renew your loan if it becomes past due. You should check your loan agreement for your lender's policy on automatic loan renewal. If your loan is renewed, there will be additional charges as determined by your lender and the minimum term will be 15 days. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
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