2201 W Avenue N San Angelo, TX 76904 325-944-0522
3128 N 1st St Abilene, TX 79603 352-232-7827

Repayment Terms

Important Information About Personal Loans

Let's talk APR

Personal loans have a fixed APR and terms…what does that mean? It means you will always know what to expect with your repayment amount and length of time you will be repaying the loan. Generally, you will only need to pay back the loan as well as interest and fees incurred through fixed payments. Keep in mind to only borrow what you can afford. If you are late or miss a payment, you will more than likely experience extra fees. In most cases, you will need good credit to get a personal loan, however there are other variables that help determine whether or not you will be approved. The loan term is typically vary between 2 months to 5 years.

Let’s talk Regulations

All personal loan providers are regulated by federal and state bodies and must adhere to all laws in terms of lending and non-payment and even how they collect payments should you default on your loan. It is important to understand the laws and regulations apply to your loan before taking out a personal loan. Please read all loan documents carefully.

Personal loans are a form of credit and must be paid off. There are always risks associated to borrowing and there are consequences if the loan is not paid off. If the loan is not paid, you may be reported to a collection agency and face financial and credit score penalties making future loans more expensive or harder to obtain.

Yes there can be Financial Consequences

Late and non-payment fees, administrative penalties, collection procedures, penalty APR’s and other legally valid penalty procedures may apply in case of late or non-payment. To avoid these additional fees and penalties, you should repayments as scheduled. Failure to make scheduled payments or late payments can have a negative impact on your credit score.

And of course….Credit Score Consequences

In addition to the financial costs of debt collection and fees, failure to repay a personal loan will typically result in a negative entry in your credit history, causing your credit score to decrease. A delinquent loan in your credit history can make future credit tougher to obtain and more expensive.