Loan Terms

Loan Terms

While specific terms of Personal loans will vary depending on your state, the Lender you are working with and your particular circumstances, here is a general range of common terms:

  • Loan amount: $200-$10,000
  • Lending period: 2-60 months
  • Typical interest rates: 25-450 percent
  • Payment frequency: Ranges between once or twice a month
  • Annual percentage rate (APR): Will vary based on your repayment history, credit score and other factors

With some Lenders, you may have the option to repay the loan in full before the due date and only pay the interest rate for the period of time that the loan was outstanding. Again, terms will vary by Lender and it's important to make sure that you read and understand your specific loan documents.

The APR on a small dollar, short term loan represents the amount of your loan, cost of the loan, term of the loan and repayment amounts and timing. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your Lender may only offer you loans with an APR near the high end of the range displayed.


It is important to review the repayment terms as outlined by your Lender, and to make every effort to repay your loan on time. Repayment terms are scheduled with the Lender, and typically occur monthly or once every two weeks, depending on the length of your loan and the terms of your Lender. Funds are typically withdrawn by the Lender on the agreed upon date. You will be presented with loan documents that outline these terms prior to finalizing your loan. Make sure you read and completely understand all of your Lender's policies when it comes to repayment and understand what is required of you as a borrower to repay the loan.

Late, Missed or Rolled Over Payment

Personal loans are intended to be used for short-term financial needs and are not meant to be a long-term financial solution. It is recommended that you always make sure to pay your outstanding loans, bills, or debts by the required due date. By making payments on time, you will ensure a positive payment record and will minimize negative repercussions.

Once you submit a request on, the Lender you are connected with will present their own terms and conditions regarding the specific implications of missing a payment. A late, missed or rolled over payment on a loan may result in repercussions. It is important for you understand the requirements when it comes to repayment and the impact of missing a payment.

Be sure to review all payment terms prior to accepting a loan. These loan documents will be provided to you by your Lender before signing your e-signature, and thereby agreeing to the loan terms.

Non-Payment is not involved in debt collection. All payment issues will be handled directly by your Lender. If you do not make payment, your connected Lender may take legal action against you. Additional fees may apply to you in the event that you are unable to repay your loan. Information regarding your payment history, delinquency or defaults on the account may be reported to a third party consumer reporting agency and may impact your credit rating.

If you do not pay your loan according to its terms, your Lender may:

  • Charge you late fees
  • Send your account to a collection agency
  • Report your information to a consumer reporting agency, which may negatively affect your credit score
  • Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest

If you have questions regarding non-payment issues, please speak with your Lender directly.

Renewal Policies works with a large network of Lenders; each offers their own individual renewal policies. does not provide a renewal for you, and it is important to understand the terms of renewal offered to you by the Lender you are connected with.

With every extension or renewal, a new finance charge ("Extension Fee") may be assessed by the Lender, and the re-payment date may be extended until the borrower's next pay date. The finance charges can be significant depending on the Lender. Please make sure to speak with your Lender about renewal options prior to finalizing your loan.

Collections is not a Lender, and is not involved in debt collection. If you are late or miss a payment on your loan, it is important to contact your Lender immediately. If a payment is missed and you do not speak with your Lender, it is possible your loan will be subject to collection. It is important you understand these terms and conditions, or discuss the process with your Lender directly.

Collections practices of Lenders and/or any assignee(s) will be in accordance with the regulations of any applicable local, state, or federal regulations.


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