Wow Loans: Disclaimer
Once the loan application is approved, the customer is provided with all necessary documents including fees and rates information in regards to the respective loan. It is highly recommended that the customers meticulously read fees and rates information provided by the loan provider before agreeing with the loan terms. There shall be no obligation on customer’s end as to agreeing with the terms. He is free to e-sign loan agreement only if he is sure that the loan terms mentioned on the agreement are really acceptable by him.
Loan fees and interest rates mentioned on the agreement are exclusively done by the lender with accurate amounts lent depending on the data given to the lender. Wow-Loans.com has no control or knowledge over the loan details between customer and lender. The customer is not under any obligation to go ahead with the loan request if he thinks that the loan terms don’t go with his requirements.
Policy for late payment
Policy regarding late payment differs from lender to lender. Customers are always advised to go through the late payment policy mentioned in the agreement carefully before signing off and thus agreeing to the loan terms. In addition, there are state-specific rules, regulations and laws to oversee late payment and the lenders must abide by those laws and rules.
Policy for non-payment
If the customer fails repaying the loan, non-payment fees and additional charges may apply. Wow-Loans.com cooperates with the lenders who have a decent and fair debt collection policy.
Policy for loan renewal
When it comes to loan renewal policy, state legislation has the right to regulate it. Each state has its own rules and laws related to loan renewal. It is recommended that the customer carefully reads the loan terms designed by the lender in regards to the loan renewal policy before signing off the agreement.
Credit effect
Wow-Loans.com is not liable for making any sort of credit decisions; the company doesn’t perform any credit check on the borrowers. Some of the lenders within our network may perform credit check on the borrowers to ensure about their loan eligibility. However, they usually don’t perform any credit check with the leading credit bureaus namely Equifax, Experian and Transunion. The credit score of any particular customer may or may not be persuaded by the activities done by a particular loan provider. If the customer fails repaying the loan within due date, the lender has the right to report before any or all of these credit bureaus. And that could leave an adverse effect on the customer’s credit profile.
Procedure for debt collection
Wow-Loans.com is not a loan provider. We are not engaged in debt collection procedure. The collection practices used by the loan provider will be mentioned in the agreement. In case of any doubt in regards to the collection procedure used by the lender, it is recommended that the customer sorts out the issue by directly discussing it with the lender.
NOTE: BORROW SENSIBLY. YOU SHOULD USE A SHORT TERM CASH ADVANCE STRICTLY FOR SHORT TERM FINANCIAL REQUIREMENTS. IT MUST NOT BE CONSIDERED AS LONG TERM FINANCIAL SOLUTION. CUSTOMERS WHO HAVE CREDIT ISSUES MUST HAVE CREDIT COUNSELING OR TALK TO A COUNSELOR FROM A NON-PROFIT FINANCIAL COUNSELING IN THEIR LOCALITY.
Disclosure: Lenders in our network usually offer a short term personal loan with an APR (annual percentage rate) ranging between 391% and 779% depending on the loan term.
The annual percentage rate on a small dollar short term cash advance denotes the loan amount, loan term, repayment amount and time. Long term larger loans may be available with a lower APR, but smaller loan amount for short period of time is charged with higher APR. Based on your credit requirements and wish to pay off your loan quickly, you loan provider may offer you loans with high APR.
If you don’t repay the loan as per terms, your lender may,
- Charge late fees
- Report to a consumer reporting agency and it can leave adverse effect on your credit profile
- Send the account to a collecting agency
- Offer to extend, renew or refinance existing loan and it may cause you incurring extra charges, fees and interests
Wow-Loans.com is not a lender. We can’t provide you information regarding loan terms including APR. Only lenders can provide you that information along with implications in regards to nonpayment of the loan. Therefore, you must ask your chosen lender regarding current loan charges and interests, and their nonpayment policy.