Our rates and associated fees
Please note that the different services provided by Problemfreeloans.com come free of cost. For matching you with the payday lenders in our network, we don't charge you any fee as such. Please note that, we at, Problemfreeloans.com, don't provide any sort of loans and when it comes to the terms or rates of the lenders, we don't have any say. Our job is to take information from your end and thereby make it easy for you to find a lender which suits your requirements in the best possible way.
When you are matched with a specific lender and your loan gets approved, the interest rates and fees to be incurred by you during repayment will be informed to you. This is mandatory for every lender which falls under the Truth in Lending Act. When you agree with that, the lender will be redirecting you to a page with e-signature details. Your loan, after that, will be processed.
Disclosure of Terms
Once your loan is approved, the lender will give you a document outlining all the terms associated with the loan that is being offered to you. It will contain detailed information on the fees and rates as well. It is extremely important for you to review this document carefully before you actually decide to go ahead. If you agree with the terms, you will be redirected to a page where you will be asked to provide an e-signature.
Please note that we cannot be held responsible for the terms provided to you as any decision regarding the terms, rates or fees is made by the lender. We only work to match you with the lender and we don't possess any information on the terms. If you don't feel comfortable with the terms provided to you, please feel free to reject that loan offer and move to a different lender.
Consequences of sending Late Payments
The policies in case of late payments vary from one lender to another. Before you take a loan, you will be given all the information that is required when it comes to late payment effects. It is important for you to understand the policies in a complete manner before you actually opt for the loan. There are state specific rules & regulations as well and the payday loan lenders have to follow those while deciding on the late payment fees.
Consequences of Non-Payment
In case you are not able to make the loan payment, you will have to pay additional fees. We, at Problemfreeloans.com, try to choose lenders which use legal and fair collection actions while trying to rectify an unpaid loan. However, you are advised to check the laws of your state when it comes to defaulting on a loan payment to have better idea on this.
Please note that certain lenders part of our network will automatically roll over your loan for a term of 2 weeks in case of non-payment of the loan. However, fees for renewing a loan may vary depending on the lender from which you borrow. However, this can turn out to be as much as the initial amount that you took as loan.
Please note that we always urge the lenders part of our network to abide by the rules and regulations of financial transactions. On the other hand, if you don't pay back the payday loan, your credit history will be impacted negatively.
Renewal Policy and Associated Terms
If you extend the repayment period, be sure that you need to pay extra interests. There can be late fees too and all of these combined will increase the total repayable amount on your actual loan amount. Remember that the loan renewal policies are usually under the governance of the respective state governments. So, please make yourself aware of the loan renewal policies of the state where you reside and also read through the terms of the lender before you actually sign the loan contract.
There are certain states which don't have any specific rules when it comes to the payday loans. Certain states don't need the lenders to comply with the interest rates either, such as: New Jersey, West Virginia, Maryland, Connecticut, Vermont, Pennsylvania and Massachusetts. Pre-existing cash loans, on the other hand, are allowed in both Arizona and North Carolina.