Loan Rates & Fees Information

How Much Will the Loan Cost? Understanding APR

If you are connected with a lender for a loan offer, that specific lender will present you with the exact fees and Annual Percentage Rate (APR) for your loan.

As a connecting service, Wow-Loans.com does not have information regarding the exact APR your lender will charge. APRs vary significantly from lender to lender and are based on several factors, including:

• The state you live in (due to varying regulations)
• The duration (term) of the loan
• The amount borrowed
• Other specific lender criteria and underwriting policies

Important Note: These loans are designed for short-term financial needs ONLY and are not intended to be outstanding for long periods. If you are looking for a longer-term loan solution, please consult your bank, credit union, or another traditional financial institution.

Receiving Your Loan Offer

When you are connected with a lender who agrees to present you with an offer, they will provide you with a formal loan contract proposal. This document contains all the critical details of the loan.

We strongly encourage you to read your loan contract carefully and completely before you agree to the terms. Ensure you understand the total amount repayable, the repayment date(s), the APR, and all associated fees or potential charges.

Most lenders will also be willing to talk with you directly (by phone or email) to explain their product and clarify any questions you have about the terms and fees, ensuring you are well-informed before making a decision.

If you do not like the terms of the loan presented to you, we encourage you to contact the lender to discuss your concerns before making a final decision to sign the loan documents.

Our Role and Your Obligations

Lenders in our network are required by federal law, specifically the Truth in Lending Act (TILA), to disclose all loan fees, interest rates (including the APR), and any other costs you will incur if you accept their loan terms. This information will be in the loan agreement provided directly by the lender.

Please read your loan document carefully as it will dictate your exact APR and all other financial details. Remember:

• You are under NO obligation to accept the terms offered by any lender.
• If you don't agree with the terms presented, simply do not accept them.

If you do agree to the terms, the lender will inform you how to electronically sign (e-sign) the loan agreement. Again, there is no obligation on your part up until the point you actively e-sign the agreement. You may quit the application process at any time before signing without incurring any penalties or fees.

Once you accept the terms and sign the agreement, the lender will typically deposit the funds into your designated bank account, often within one business day (though timing can vary).

How Interest Rates and Fees are Determined

Please note that all fees and interest rates associated with your loan are determined solely by the individual lender you are connected with. These are calculated based on the information you submit in your application form and the lender's own internal policies and risk assessment.

Wow-loans.com has no input, control, or influence over any of these rates and fees.

Because the consumer experience is important to us, if you are dissatisfied with the terms offered during the process, you always have the option to simply decline the offer before signing.

Why Rates May Be Higher Than Traditional Loans

In some cases, the interest rates and APRs charged by lenders in our network will be higher than those for traditional loans issued by banks or credit unions. This is often because:

• Lenders may be willing to lend funds to individuals with less-than-perfect credit histories, which represents a higher risk.
• The application and funding process is typically much faster and involves less stringent requirements than traditional institutions.
• The loans are very short-term, meaning the lender has a limited time to recover costs and earn a profit.

With lenders in our network, you can often receive your cash within one business day after approval and signing the documents. This speed and accessibility come at a higher cost compared to slower, more traditional lending options.

State Regulations Regarding APRs

Each state has different rules, regulations, and laws regarding short-term financial lending, including limits on permissible APRs and fees. These state-specific regulations significantly influence the terms lenders can offer.

If you have questions about the specific regulations in your state, we recommend consulting your state's official consumer protection or financial regulatory agency website.

(Below is a placeholder list provided in the source content; please refer to official state resources for accurate information):

Late Payment Policy

All lenders participating in the Wow-Loans.com network have their own specific policies regarding late payments. These policies, which could potentially include late fees or other charges, will be detailed in the loan agreement provided by the lender if you are approved and before you accept the loan.

As mentioned previously, please read and ensure you understand all terms, including the late payment policy, before signing the agreement.

If you anticipate being unable to make a payment as required by your loan agreement, it is crucial to contact the lender directly and immediately. They may be willing to discuss your situation and potentially work with you on an alternative arrangement, although this is at their discretion and does not guarantee that additional fees will be waived.

Failure to Pay (Non-Payment)

Failing to repay your loan according to the agreed terms can lead to significant consequences.

• Generally, additional fees and charges will apply should you fail to make your loan payment as scheduled.
• While lenders in the Wow-loans.com network are expected to engage in fair and reasonable collection practices, refusal or failure to pay may result in collection activities. (Should you encounter an instance where collection practices seem unfair or unlawful, please let us know, though we cannot intervene directly in the collection process).
• Continued non-payment may result in the lender pursuing legal action against you to collect the outstanding loan amount, accrued interest, and potentially the costs associated with the collection efforts.
• Non-payment can also be reported to credit bureaus, negatively impacting your credit score.

Loan Renewal Policy (Rollovers/Extensions)

Policies regarding loan renewals (often called "rollovers" or "extensions") depend heavily on the regulations in the state where you reside, as well as the specific lender's policies.

In states where rollovers or extensions are permitted, be aware that this usually involves paying additional interest and fees, which are typically added to the original loan amount. This can result in a substantial increase in the total amount you are required to pay back over time and can make it difficult to get out of debt.

Please read your loan documents carefully, paying close attention to any clauses regarding renewals, as you will be expected to understand and adhere to these conditions if you accept the loan.

How And When Do I Repay The Loan?

One intended convenience of typical payday or cash advance loans is the repayment process. Generally, you agree to pay back the loan amount, plus fees and interest, on or around your next payday.

The specific mechanism varies, but often the amount is scheduled to be deducted electronically directly from your authorized bank account by the lender on the agreed-upon due date(s). Details will be in your loan agreement.

Final Disclaimer