Rates & Fees
The annual percentage rate, or APR, is the yearly cost of borrowing money. If you're connected with a lender, they will provide the rates and terms associated with your offer. LavishFinancial doesn't make credit decisions or determine the rates and fees associated with your offer, so be sure to review your documentation. You don't have to accept the terms of any loan offer, and you can deny an offer that does not meet your needs.
Personal loan payments are scheduled depending on your lender's terms and your personal preference. In many cases, you can schedule an automatic payment for convenience and to avoid paying late. Make sure you carefully review the terms of your loan so that you know when your payments are due. Talk to your lender if you need more information about repayment.
Implications of Late Payment
If you are unable to pay your loan back on time, contact your lender immediately. Your lender sets late payment fees according to state regulations, and each lender has their own policies regarding fees. Personal loan lenders have several courses of action they may take in the event of a late payment, so always check your documentation before you sign your loan agreement.
Implications of Non-Payment
Please remember to check the terms of your loan, and the financial implications of missing payments with your lender before signing a loan agreement. Please note that lenders may charge additional fees for non-payment or non-sufficient funds.
Depending on the lender, renewal may be automatic if the loan has not been repaid on the due date. Your lender may provide you with several repayment options. In many cases, you can choose between auto renewing a loan, paying it in full or paying down the principal. Please note that you may be required to pay additional fees associated with loan renewal, and your loan interest rates can be reset as well.
Impact on credit score
If you are late making repayment, the lender is within their right to report your missed payments to credit bureaus. Once the loan has been paid back in full, your lender will update the credit bureau, and your credit history will be updated as well.
How much will the interest rate be?
Lavishfinancial.com is not a lender, therefore, we are not able to confirm the exact APR rate that you can be charged. If you reached our site via a paid Google advert, you should have seen repayment terms ranging from 3 to 24 months, together with illustrated rates of no greater than 4.95% minimum to 35.95% maximum (calculation consistent with the Truth In Lending Act, TILA).
If you are approved, the rate of APR will be set by the lender. The figure can vary and will be based both on the information that you provided on the form within your loan request and the information the lender supplied to you. The lender should always notify you of the APR they can offer you.
APR rates are based on how creditworthy you are and might be subject to change without notice which could result in the total amount you pay back varying.
If one of our lenders is interested in working with you and your application gets accepted, the lender will provide you with all the facts associated with the loan. This will include the APR, any associated loan finance charges and all of the terms you will be agreeing to. It is prudent that you read all information submitted to you by the lender to ensure that you can make an informed decision prior to accepting a loan offer.
Should you have any questions related to the APR on your loan offer, please contact your lender directly as we do not have access to any of your loan information.
Lavishfinancial.com does not charge you any fees to submit a loan request, be connected with a lender, or to receive loan offers or quotes. If you receive a quote or a loan offer, the lender with which you may be connected is available to review its terms with you at no cost. It’s possible that the lender may require a fee to process your formal loan application and/or credit report, but until you agree to pay the lender any fee(s) or sign any loan agreements, you may shop with lavishfinancial.com at no cost.
If you borrowed $2,000 over a 12 month period and the loan had a 3% arrangement fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR.
If you borrowed $5,000 over a 48 month period and the loan had an 8% arrangement fee ($400), your monthly repayments would be $131.67, with a total payback amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.
All our lenders adhere to state regulations and Federal law as they apply to personal loans. States govern the amount that can be loaned and what a lender can charge for interest. Always check your state regulations if you have concerns about your loan.