How to Get a Loan With Express-Cash.biz?
Online payday loans can be an amazing solution to your short-term financial troubles because they are easily obtained and easily repaid, and the costs associated with them are highly comparable to other forms of credit as long as they are repaid on time. Bad credit or no credit is not an issue; we successfully pair 92% of the people who apply through Express-Cash.biz with at least one lender.
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 – The cost associated with short term loans of up to $500 ranges 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 non-sufficient funds. As an example, if your $100 loan is 15 days past due, you may be assessed a charge that is equal to 10% of the principle balance as well as a $25 non-sufficient funds fee.
Collection Practices – Many of the lenders in our network stick with in-house debt collection practices rather than selling your debt to an outside collection agency, and they will never sue you or threaten criminal charges against you. Your lender may attempt to collect your debt via email, postal mail, telephone, or text message, and they may offer you a settlement so that you can repay your debt over time. All of our lenders are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment. You can contact your lender for more information about its specific policies.
Impact on Credit Score – Lenders are within their rights to file reports with the three major credit bureaus—Experian, Equifax and Transunion—if you fail to repay your loan. This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future. However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.
Renewal Policy – Some of the lenders in our network participate in what is known as automatic loan renewal. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan. This may be offered to you in addition to options like repaying your loan in full at a later date or repaying your debt in installments over time. The minimum term for an automatic renewal is 15 days and you will likely be required to pay renewal fees and additional interest charges.
Disclosure of Fees Including the APR
The APR associated with your loan stands for the annual percentage rate, or the amount of interest you will be expected to pay in relation to the length of your loan term. Most of the time, the APR for short term loans ranges from 260.71% to 1825.00%, though this can vary somewhat. Although the APR associated with short term loans is higher than that associated with other forms of credit, it is still considerably less than the charges associated with overdrafts and non-sufficient funds. Please see below for a cost comparison.
• Non-sufficient Funds with Bounced Check Fee: $45 total charge, 1173.21% APR
• Overdraft Fee: $40 charge, 782.14% APR
• Late Fee: $20 charge, 521.43% APR
• Short Term Loan: $10 charge, 260.71% APR
Do I Qualify for a Loan?
- You must be at least 18 years old
- You must live and work legally within the US
- You must be employed with the same employer for at least 90 days consecutively
- You must have a valid email address and working telephone number
- You must have a bank account in your name