Unsubscribe

LoanUp.com takes every possible effort to make sure that our customers enjoy the most qualified service. We have provided numerous resources for you to stay informed and make the right choice of a short term lender. However, you can still opt out of our informational messages by entering your email address in the form below.

Implications of Late Payment

If your short term loan is not paid on time, there are several courses of action that can be taken by our lenders. You can find out your particular lender's practices by visiting its website. You should read this information carefully before you electronically sign any loan agreement.

Implications of Non-Payment

When loans go unpaid, this can influence you in several different ways. You should always be sure to negotiate payment arrangements with your lender if you are unable to repay your loan as stated in the original agreement in order to avoid or reduce the following:

Financial Implications - While the fees for short term loans of up to $500 already amount to 15-40% for $100 borrowed, unpaid loans can have even higher charges. Also, the interest charged on loans of more than $500 can be higher. Additional charges for non-sufficient funds can be $20 or more and loans that are more than 15 days past due can be assessed additional charges of up to 10%.

Collections Practices - Our lenders reserve the right to contact you via telephone, text message and email in an attempt to collect the money they are owed. Generally, they will not sell your debt to collection agencies or sue you for the unpaid balance; they will instead offer debt settlement options. All lenders must adhere to the guidelines of the FDCPA, or Fair Debt Collection Practices Act, that was put into effect by the FTC. Additional information can be found at http://www.ftc.gov/os/statutes/fdcpa/fdcpact.shtm or through the lender directly.

Impact on Credit Score - Failure to repay short term loans can have a negative impact on your credit rating if your lender reports to any of the major consumer credit bureaus. This will remain reflected in your credit history until the amount of the loan is repaid in full. This may also hinder your ability to take out short term loans in the future.

Renewal Policy - Some lenders will require you to agree to automatic loan renewals if you cannot pay your loan on the initially scheduled date. This is in addition to other options you may have, including paying your loan in full or making arrangements to pay down the principle balance over time. Please review your documentation carefully for automatic loan renewal information. You should also understand that additional interest and finance fees will be charged if your loan is automatically renewed.

Disclosure of Fees Including the APR

The Annual Percentage Rate, or APR, associated with short term loans is usually between 260% and 1825%. Though this seems high, it is actually quite competitive. These percentages depict what you would pay over the course of an entire year. Since these loans are made to be paid back quickly, they are highly competitive and less expensive than bounced checks and overdraft fees.

APR Comparison Table

14 Days
How does the APR for a single payment small dollar loan compare to other options? Compare your options for the cost of $100 extension of credit for
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 1,173.21%
Overdraft Fee $30.00 782.14%
Late Fee $20.00 521.43%
Small Dollar Loan $10.00 260.71%
2 Days
How does the APR of a small dollar loan compare to the consequences of being unable to obtain a small dollar loan? Consider the cost of a $100 extension of credit for
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 8,212.50%
Overdraft Fee $30.00 5,475.00%
Late Fee $20.00 3,650.00%

APR Calculations

$100.00 Amount Financed, $120.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 3,650.00% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 5,475.00% per 365 day year = APR

$100.00 Amount Financed, $145.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 8,212.50% per 365 day year = APR

$100.00 Amount Financed, $110.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR

$100.00 Amount Financed, $110.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 260.71% per 365 day year = APR

$100.00 Amount Financed, $120.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,042.86% per 365 day year = APR

$100.00 Amount Financed, $120.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,564.29% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 782.14% per 365 day year = APR

$100.00 Amount Financed, $135.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,825.00% per 365 day year = APR

$100.00 Amount Financed, $135.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 912.50% per 365 day year = APR

$100.00 Amount Financed, $145.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 1,173.21% per 365 day year = APR