We are here to help match you with a lender when you need a loan, quickly, privately, and securely. If you need a short term unsecured loan please be aware of the following practices.
What is the APR for loan that I may get from a FirstLoanChoice lender?
First off, it's important to understand what an APR is. APR or (Annual Percentage Rate) is meant to represent the interest rate and fees of a loan for an entire year. However, since APR is a commonly used way of expressing the fees of other common loans, such as mortgage loans, auto loans, and other types of personal loans, we feel it's somewhat useful for you to know what the representative APR ranges could be for the loan. Since FirstLoanChoice connects you with lenders but is not a lender, we aren't able to represent the exact APR that your lender may offer. However, the typical representative APR range is somewhere between APR from 5.99% up to 35.89% for a typical loan terms range from 6 months to 60 months. Remember, you should pay your loan back on time to avoid fees and penalties. Make sure that you review the terms and conditions of the loan that is offered to you so that you don't end up with an "annual" loan!
What happens if I'm late paying back the loan?
If you are matched with a lender and accept the terms and conditions of their loan offer, you are agreeing to pay that loan back in the amount of time expressed in the loan documents. Partial payment, non-payment, or late payment is likely to result in additional fees. If you refuse to repay the loan all together, it is likely that the lender will engage a collection company to try and recoup what you owe them (just like any lender would). Please don't agree to a loan that you cannot repay. Renewal policies are different for every lender. As a convenience to you, some lenders may agree to alternative payment options. Some of these options may result in a renewed or "roll-over" loan that may have additional fees and may renew automatically unless you request otherwise. Please make sure to review your lender's renewal policies, and make sure that your payment preferences are known to your lender. If you have questions or need more information on renewal policies, please contact the lender and they will be happy to provide you that information. While most lenders in the MoneyMutual network do not run a traditional credit check, it is important for us to let you know that in some cases credit checks, consumer credit reports and other personal data may be obtained by some lenders from Experian, Equifax, Trans Union or through alternative providers in order to make a decision on whether or not to offer you a loan. It is also important to mention that if you do not repay your loan on time, your delinquency may be reported to a credit bureau, which could negatively impact your credit score. As with any loan, it's important to repay the loan on time or contact the lender to work out a payment plan. Please borrow responsibly!
*THE OPERATOR OF THIS WEB SITE IS NOT A LENDER, does not broker loans to lenders and does not make short term cash loans or credit decisions. This Web Site does not constitute an offer or solicitation to lend. This site will submit the information you provide to a lender. Providing your information on this Web Site does not guarantee that you will be approved for a short term cash loan. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Not all lenders can provide up to $1,000. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. This service is not available in all states, and the states serviced by this Web Site may change from time to time and without notice. For details, questions or concerns regarding your short term cash loan, please contact your lender directly. Short term cash loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a short term cash loan based upon lender requirements.
Total cost of loan
For example, If the origination fee is deducted and you receive a $5,000 36-month loan at an interest rate of 6.99% with a 2% origination fee of $100.00, you could receive a loan amount of $5,900.00 and make 36 monthly payments of approximately $215 at an 9.36% APR. In the case of a $30000 60 month loan at an interest rate of 8.62% with a 3% origination fee of 900. You could receive a loan with an amount of 29100 and make 60 monthly payments of approximately $714 with an APR of 9.45%. Monthly payments usually vary, it is based on credit worthiness and annual income.
**I understand, agree, and authorize that (1) my information may be sent to lenders on my behalf, and (2) such lenders may obtain consumer reports and related information about me from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax.
Disclaimer: Debt Management services are solely provided by a tax identifiable nonprofit organization in which First Loan Choice is not or does NOT claim to be. First Loan Choice will assist clients with connecting to a nonprofit debt management firm. First Loan Choice works with attorneys for credit & debt settlement services. First Loan Choice is NOT or does NOT claim to be licensed attorneys or paralegals in any way. First Loan Choice is not a lending institution or does NOT claim to be. Not ALL loan options are solely provided by First Loan Choice and some lenders will refer client to additional financial assistance options. The Annual Percentage Rate or APR is predicated by a client's credit history as well as Debt to Income Ratio (DTI). First Loan Choice has no authority to "guarantee" loans in any way and are dictated by underwriters and direct lending institutions. Debt Services and Some Loan Services are not available in all 50 states. Contact a representative for exact information.