The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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Implications of Late Payment. If you are unable to repay your loan on time for any reason, please contact your lender as soon as possible. Late payment fees are set by your lender in accordance with the regulations in your state, and lenders also determine their own policies in regard to how they handle late payments.
There are several courses of action that your lender may take, so you should check your loan agreement for specific information that pertains to your lender. Implications of Nonpayment. Financial Implications вЂ The cost associated with short term loans of up to 500 can range from 15 to 40, and these costs may climb even higher for loans that are greater than 500 in value.
Before you sign your agreement, you should check these fees carefully. Similarly, there may also be charges applied for nonsufficient funds.
This means your repayments will be lower, and in most cases less financially straining than the Payday or Cash Advance loan you may have used in the past. We are also able to assess your situation based on a higher loan application amount, as the repayments are spread out over a longer time frame. Need access to some cash quickly, but dont want to go through the drawn-out process that the other lenders have.
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