As a company, we are proud to advertise a loan service which has no hidden charges and no charges for submitting an application. Any charges that you receive on your loan are ones that we will explicitly inform you of during the process of signing up so that you are fully aware of the terms that you are agreeing to. Our fee structure is entirely transparent meaning that you should know right up front the types of charges that you are likely to receive over the course of your agreement with us. If you ever feel you have an unanswered question about any of our charges then feel free to contact us using our online form and our customer service department will be happy to explain them to you over the phone or by email.
First of all, unlike many other companies, we never charge for loan applications so you will never have to pay a charge until you have already received your loan. People who are looking for credit are generally in a difficult financial situation and are in no position to be paying fees and charges before receiving financial help. As such, it is our consistent policy to only charge our customers after they have received a loan.
The most common type of charge our customers may incur would be missed or late payment charges. These occur when, for whatever reason, you have not paid one of your loan installments by the pre-agreed date. When this happens you will also usually incur interest on the amount that you have failed to repay until such a time as it reaches us. If you have missed a payment or feel you are likely to do so because you are unable to repay then it is your responsibility to contact us immediately so that we can help you to restructure your loan arrangement.
During the approval process we attempt to make sure that this rarely happens but we accept that your personal finances may sometimes be hard to predict. For this reason there is a standard procedure for dealing with customers who have become unable to repay a loan. Part of this occasionally involves us agreeing to roll over payments in order to help you avoid continual penalty charges. It is important to remember, however, that this does not mean that interest is stopped on the amount owed and it will continue to accrue until the loan is paid off. It is therefore recommended that you pay the loan off within the agreed term or you risk having to pay more than you initially calculated.
To view the rules governing fees and charges for pay day loans in your state go to http://www.ncsl.org/issues-research/banking/payday-lending-state-statutes.aspx for a summary. There are state by state limitations to both the amount that you are permitted to borrow as part of a pay day loan and the amount that the company may charge you for various aspects of the agreement. We are always careful to abide within the law for your particular state and we ask for your home address when you sign up for exactly this reason.