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What is a short-term loan?
This is a relatively petite private credit (up to $1,000) for 1-4 weeks (the terms vary depending on the regulations in different states). This credit option is associated with high acceptance rate, because the lenders secure it with borrower’s income. For this reason, many applicants may be approved despite their imperfect credit reputation and get access to this option in a relatively brief time.
What is necessary to be approved?
Qualification for short-term loans is plain. Lenders need only basic information about applicants to determine if it is secure to provide credit or not.
- You must be a legal USA resident of Legitimate years old or more,
- You must provide valid contact details,
- You must be legally employed and have stable income,
- You must have an active bank account for direct deposit.
It is possible that lenders will enquire more information about applicants (for example, to send pay stubs to prove income) individually. In this case, the procedures can take more time and involve extra procedures and paperwork (faxing or scanning).
Are the procedures safe?
How much time does it take?
This financial product is considered relatively quick, because most processing can be performed totally online, and this online search and match service works 24/7. It takes just minutes to pack out the form and request a loan, less than an hour to process request and connect a customer with a lender. As soon as the lender is able to make final decision to approve the borrower’s request, the lender provides loan agreement. All you need to do is to familiarize with the suggest and make credit decision. If one opts for rejecting the loan suggest, one can simply disregard further procedures and repeat loan request if necessary.If accepted, the loan agreement should be e-signed. Usually, it takes just one business day to have money sent to the borrower’s account (in case direct deposit option is available). In most cases, borrowers can get their money in as soon as one business day.
FRESNO Payday Loan
Short-term loans are emergency credit products of relatively petite amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The proprietor and operator of Fresno Payday Loan is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service suggested by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. Fresno Payday Loan does not endorse any particular lender, nor does it represent or is responsible for the deeds or inactions of the lenders.Fresno Payday Loan does notcollect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. Fresno Payday Loan cannot assure that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan suggest on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to suggest. The lenders in the network may need to perform extra verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since Fresno Payday Loan is not a lender and has no information regarding the terms and other details of short-term loan products suggested by lenders individually, Fresno Payday Loan cannot provide the exact APR charged for any loan product suggested by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Extra charges associated with the loan suggest, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial deeds, such as late payment reporting and debt collection deeds, may be applied by the lenders. These financial and non-financial deeds have nothing to do with Fresno Payday Loan, and Fresno Payday Loan has no information regaining whatsoever deeds may be taken by the lenders. All the financial and non-financial charges and deeds are to be disclosed in any particular loan agreement in a clear and semitransparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is very recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Extra deeds related to non-payment, such as renewals,may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Extra charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the deeds related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing practice. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative influence on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.
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