The APR on a small dollar, short term loan represents the amount of your loan, cost of the loan, term of the loan and repayment amounts and timing. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.
NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.
If you do not pay your loan according to its terms, your lender may:
- Charge you late fees
- Send your account to a collection agency
- Report your information to a consumer reporting agency, which may negatively affect your credit score
- Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
Late/partial payments: If you do not pay the full amount of principal and interest by the agreed-upon payment date, you will likely be charged a new finance charge and payment date may be extended until your next pay date. This new finance charge may be a flat fee, or may be calculated by applying the proportionate amount of the finance charge to the unpaid loan amount. Review the late payment policy detailed in the loan documents provided to you by your lender before signing your e-signature, and thereby agreeing to the loan terms.
Non-payment: HelpAdvance.com does not enforce payment. If you do not pay, your connected lender may take legal action against you. Additional fees may apply to you in the event that you are unable to repay your loan. Information regarding your payment history, delinquency or defaults on the account may be reported to a third party consumer reporting agency and may impact your credit rating.
Loan renewals: HelpAdvance.com will not provide a renewal for you. Your lender has renewal policies which will vary. With every extension or renewal, a new finance charge ("Extension Fee") may be assessed by the lender, and the re-payment date may be extended until the borrower's next pay date. The finance charges can be significant depending on the lender
Collection practices: Collections practices of lenders and/or any assignee(s) will be in accordance with the principles of any applicable federal regulations at all times. Lenders may attempt to contact borrowers via one or more authorized methods, including phone calls and emails, to arrange for payment.
Impact to Credit Score: Your lender may report late or missed payments to the credit bureaus. This can negatively affect your credit store. Consumers with credit difficulties should seek credit counseling.
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