Responsible Lending

Ever since we launched paydayinusa.com, we found our core mission in fostering responsible and fair lending practices. We strive to keep up with our high standards and keep customers’ security at the core. That is why we provide our users with the most up-to-date industry-related information and also undertake the following responsibilities:

We inform all users about the most significant data about responsible lending, the possible consequences of overdue payments or non-payments, and supply them with information about the current state of the industry;

We deliver all information and details as clearly as possible;

We value and respect our clients and, thus, strive to establish a transparent relationship with each of you;

Our team does everything possible to ensure high-quality support and service for all;

We require our lenders to comply with Fair Lending practices.

Lending Partners

Our service works with a fair amount of lenders. Our top priority is to ensure that all our partners are legally authorized, comply with the law, and offer fair lending terms to consumers. Our team does its best to ensure that paydayinusa.com remains a reliable network that partners only with legit lenders, provides every customer with top-level service, and helps you get instant loans with no risks.

Once you receive an offer from a particular lender, please be sure to double-check all the details and ask them all your questions, if any.

As a borrower, it is crucial that you remember and understand that each particular financial provider has its own terms and conditions. Most details concerning your loan, such as repayment period, interest rates, missed or overdue payments policies, renewals, and so on, are defined by the lender and may vary. To make sure you are aware of all the key details, don’t hesitate to contact your lender directly.

Impact on Credit Score

A credit score is a three-digit score awarded individually based on a person’s financial background. In a nutshell, this information translated into a score is meant to help potential lenders determine your credit worthiness and predict whether or not you will be able to handle a debt repayment. The higher this score is, the more likely you can get a loan offer and the better terms you can receive. Here are the major factors that can have a negative impact on one’s credit score:

Non-payment;

Overdue payments;

Debt renewal;

Hard credit check;

Although a high credit score can certainly give you an advantage, even if yours is not perfect, you still have chances to get credit approval. All loan requests can be subject to approval.

Late Payments

Our team fosters a responsible approach to taking out a loan in our users. That is why we encourage you to borrow money only when you know you will be able to repay it according to agreed terms. As a borrower, you must comprehend and keep in mind the possible consequences of late payments. In case you overdue your payments, this will result in additional charges. Our service does not have any details concerning the fees for late payments. Each lender has its own penalties, the information about which is only revealed when a particular lender contacts you to finalize the loan offer.

We encourage all customers to read the agreement fully before you sign anything. This will help you grasp all possible penalties and charges for overdue payments.

In case you are unable to make a timely payment, be sure to reach your financial provider as quickly as possible to inform them about this and settle the issue.

Please bear in mind that a personal loan can only serve as a short-term financial solution, which should not be considered a solution for major financial issues.

Missing a Payment

We encourage all borrowers to make payments according to the agreed schedule. If you miss a regular payment, this may bring along extra charges and even result in collection activities, which may have a negative impact on your credit score. Every particular lender has its own policies that regulate missed payments. All the terms should be specified in your loan agreement, which we suggest you study carefully before signing as this document specifies all the vital details concerning your lender’s policy on handling missed payments.

In case you don’t have the possibility to make a payment on time, please be sure to reach out to the lender directly to find a solution.

Rollovers

Some of the lenders we work with offer borrowers an opportunity to request a debt rollover in case they are not capable of repaying it on time. The main thing to keep in mind is that renewing your loan implies additional charges - in this case, a borrower will have to pay an extra fee for a delay of repayment. The fee is additional, meaning it does not reduce the overall sum of debt, whereas the payments you make after the rollover come with the same interest rates as the missed ones.

Types of Renewal Policies

Our service hosts a large number of lenders from whom you can request a loan. Each particular lender has its own terms and renewal policies. However, as a rule, most lenders we work with offer one of the following types of renewal policies:

Unlimited Renewals. This kind of renewal implies that a borrower can request a debt renewal in many different cases, which, however, implies high fees.

Automatic and Borrower-Initiated Renewals. Another type of policy implies that a borrower can request a debt renewal but only on a limited basis.

Collection

As a last resort, when a borrower has an overdue payment and avoids communication with a lender, they have the right to commit different collection procedures. As a rule, lenders will notify a borrower about their intention to resort to collection activities via phone, email, or mail. In the case a borrower remains reluctant to communicate, the lender reserves the right to request the help of a collection agency.

The collection procedures a particular lender can perform all specified in your loan agreement. We encourage all users to study the agreement carefully to understand what collection activities a particular lender uses. To learn more about different collection practices, please contact your lender directly.

The collection practices of a particular lender are stated in the loan agreement. We encourage borrowers to read it carefully to be aware of the lender’s policy regarding the collection practices. For more information, please get in touch with your lender.

Disclaimer: Paydayinusa.com does not offer or incite users to request loans. Our service is not engaged in any decisions related to any credit or loan, nor are we agents, representatives, or brokers of any lender. Lenders who use our platform offer personal loans amounting from $200 up to $5,000. However, not all participating lenders can provide loans up to $5,000. The minimum time period for repayment at our service is 121 days (4 months), whereas the maximum repayment period is 1,460 days (48 months). Residents of some US states are not eligible for using this service. If you submit a loan request using this service, this does not provide you with any guarantees that you will be granted a loan offer or it will satisfy your needs. The time needed to process the transfer of funds varies depending on several factors, including your bank and the chosen lender. If you face any issues or questions concerning your personal loan, please be sure to connect to your lender directly. Some of the participating lenders may conduct credit checks through the three major credit bureaus: Equifax, TransUnion, and Experian. When you submit a loan request, you entitle the lenders to perform any checks to reaffirm your personal information and creditworthiness.