Understanding your loan
An APR demonstrates the cost of borrowing money on a yearly basis. It can help you evaluate different loan offers fairly. Only a lender can provide you with information regarding their loan rates and terms. If connected with a lender – your lender will provide you with the rates and terms associated with your loan offer. LoanUp does not make credit decisions or determine the rates and fees associated with any loan offer. You are under no obligation to accept a loan offer obtained through loanup.com and can deny any offer that does not meet your financial needs for any reason.
Personal Loan payments can be scheduled monthly or bi-monthly depending on your lender’s terms and your personal preference. In most cases, automatic payments are scheduled in order to prevent late payment, and for your convenience. Remember to review the repayment terms of your loan offer carefully, and understand when payments are due. Consult your lender for more information about your repayment terms.
Implications of Late Payment
If you are unable to repay your loan on time, you are urged to contact your lender as soon as possible. Late payment fees are set by the lender according to your state’s regulations, and each lender has their own policy regarding late payments. Personal loan lenders may take several courses of action in case of late payment. It is advised that you review all of the documentation you receive from your lender before signing the loan agreement in order to get an understanding of what will happen if your payment is late.
Implications of Non-Payment
Every lender in our network is required to adhere to Federal law and state regulations as they apply to personal loans. States typically govern the maximum amount that may be loaned and the amount of finance charges and interest that a lender can charge. Some states set limits on the number of loans that may be outstanding at any given point in time as well as the number of extensions that are available to consumers.
Please note that some lenders in our network may lend under other licenses that follow legislation that has different requirements.