Submitting your inquiry for a loan at PaydayDigger.com incurs absolutely no cost. We are not offering loans, nor are we a financial institution that can offer lending services directly to an applicant. Based on the information you submit, PaydayDigger.com searches its database of lenders to match you with the lender and loan that is best suited to your needs so that you can submit an application directly to the lender.
Required by the Truth in Lending Act, all loan fees and interest rates that are attached to a loan must be fully disclosed by lender and included in the information of the contract or other documentation. According to this act, it is imperative that a lender notifies the borrower of all interest rates or fees at the time that you are approved for a loan. When a consumer has been approved for a loan, most lending companies will then require you to sign an e-signature page so that you can see all of the elements of the loan for which you were matched up with, applied for and approved.
Late payments
Late payments can be costly for consumers; lenders usually have policies that could result in higher interest rates for the remainder of the repayment period or late fees. You need to make sure that you have read all of the information about late payments that are included in the documents regarding the loan that has been provided to you by the lending agency. Once you have provided an e-signature, you are subject to these policies about late payments. Every cash advance lender must follow the government’s rules and regulations about late payments and these vary state to state. To learn more about these laws, you just need to research the specifications that are governed by each state about late payments.
Implications of non-payment
Financial implications: If you are unable to repay your loan during the time frame that was outlined in the original contract or cannot repay it at all, more fees will be tacked on to your charges.
Collection Practices
If If you are unable to repay your loan, collections efforts will begin immediately by the lender you provides you a loan. Collections practices vary by lender, and all lenders are subject to the Fair Debt Collection Practices Act. Debt collection efforts may include the following: telephone calls to your home or place of employment between the hours of 8:00 a.m. and 9:00 p.m., voicemail messages, notices by mail, and door to door. Debt collectors may not harass you, make false statements, threaten arrest, or engage in any other unfair practices.you are unable to repay your loan during the time frame that was outlined in the original contract or cannot repay it at all, more fees will be tacked on to your charges.
Renewal Policy
Depending on the lender, renewal may be automatic if the
loan has not been repaid on the due date. Some lenders give debtors several options
to choose from when taking out a loan: auto renew a loan, pay it in full or pay
down the principle. The minimum renewal term is 15 days. Please note that you may
be required to pay additional fees associated with loan renewal and loan interest
rates may be reset as well.
Disclosure of Terms
The documentation that is provided to you by the lender must include all of the information about rates and fees in regards to the loan that you have been approved for. Once you have received this information, you are given time to evaluate the fully disclosed terms before agreeing to sign the contract. You are not obligated to accept the agreement based on these terms if they are unacceptable for your financial needs. However, if you wish to proceed with accepting the loan, you simply use an e-signature noting that you accept all terms and conditions of the loan; from there you simply wait for your loan to come through You need to closely evaluate all of this documentation and read all of the fine print to protect yourself and your financial interest.
The lender is the sole party that determines any interest rates or loan fees. These fees and rates are specific and are dependent on the information that was submitted to the lender in the loan application. It is up to you whether or not you want to follow through with this particular loan agency’s terms and conditions and are under no obligation to sign the documents to the transfer of funds. PaydayDigger.com has no capability of the loan details that are taking place between you and your potential lender nor does it have any control over rates and fees. It is simply a matchmaking system set up for people to find loans for which they will qualify for and will suit their financial needs.
APR: Annual Percentage Rate is expressed as the periodic interest rate times the number of compounding periods in a year. APR includes non-interest charges and fees. Short-term loans normally incur such a fees so APR requires detailed calculation.
APR EXAMPLE: A person borrows $500 until the next payday. The lender provides a two-week loan and charges a $75 fee. The lender will require the borrower to provide a postdated check for $575 to be held until the borrower's next payday. When the loan comes due, the borrower may repay the loan by allowing the lender to process the check or by bringing in the full payment of $575 in cash. The borrower may also have the option to “roll over” the loan by taking out another loan and paying an additional $75 for another two weeks. In this example, the annual percentage rate (APR) calculates to 391% for the original two-week loan of $500 with a $75 fee.
FCU STS LOANS: The Federal Credit Union Act sets the maximum allowable Annual Percentage Rate (APR) 18% for most loans and 28% for loans made under NCUA's Short-Term Small Loan (STS) program. To charge up to 28% APR, federal credit unions can offer loans under the conditions including:
- Principal Amount: $200-$1,000, Application Fee: $0-$20
- Term: 1-6 Months, Rollovers: prohibited
Members who successfully pay off STS loans at FCUs will likely be able to improve their credit scores and qualify for future loans at lower costs.