APR – Representative Range Explanation
E-Loan.net isn’t a lender and doesn’t provide unsecured loans, but it refers consumers to lenders and financial service providers who may provide such loans. A personal loan from a lender or financial service provider in our network often ranges between 5.99% and 35.99%, although APRs vary according to the information that is supplied by you in your loan request. Your lender will provide you with the APR, loan fees and other terms when you are redirected to your loan agreement during the loan request process. For help with any E-Loan.net–related services, feel free to contact us.
The APR on a personal loan from our network of lenders and financial service providers often ranges from 5.99% to 35.99% percent depending on exactly how it is calculated by your lender or financial service provider, the duration of the loan, any loan fees incurred, late payment penalties, nonpayment fees, loan renewal actions and various other factors. Please keep in mind that the APR range and your finance charge are not one and the same. The latter will be disclosed later on in the loan request process.
Following is a representative example of a cash loan APR range:
Borrow $2,000 for 12 months with a 19.9% representative APR and a monthly repayment of $183.63. Total repayment will be $2203.56.
Short-term cash loans are somewhat expensive when compared with other loan products. They are not recommended as a long-term financial solution, and they should only be taken out for emergency financial needs.
Important Implications to Consider
We would like to remind you that E-Loan.net is not a lender, and it doesn’t charge users any fees for its services. Every lender and financial service provider in the E-Loan.net affiliate network provides consumers with specific terms, conditions and practices prior to their acceptance of offered loans. E-Loan.net strongly recommends that you carefully review the terms and conditions of any loan offer that you receive. For further details about the aforementioned considerations, please see our Rates & Fees and Policy on Responsible Lending Web pages.
The term of the loan you may be offered by lenders in our network is generally between 6 and 60 months. Please note that specific terms of personal loans will vary depending on the state you reside in, your lender and your specific circumstances.
When you accept the terms and conditions of a particular loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time that is specified in the documents your lenders supplies you with. Additional fees/charges by your lender may apply if you are not able to repay your loan in full or if you make a late payment. E-Loan.net is not able to predict the amount of the penalties that you will incur as a result of nonpayment, late payment or partial payment. E-Loan.net has no control over knowledge of the loan details between you and the lender with whom you are working. Please refer to the nonpayment, late payment and partial payment policies detailed in your lender’s loan documents. E-Loan.net makes a concerted effort to work only with reputable lenders who follow Fair Debt Collection Practices.
If you are approved for a personal loan, your lender will inform you of the exact interest rate and fees attached to your loan prior to your acceptance of said loan. As stated earlier, E-Loan.net is not a lender and is unable to predict the exact interest rate and fees for the loan option presented to you. You are under absolutely no obligation at all to accept the loan terms that the lender presents you with.
Although E-Loan.net does not make credit decisions, we may do a soft credit inquiry as part of the process. Personal Loan lenders in the E-Loan.net affiliate network may conduct a non-traditional credit check in addition to a conventional credit inquiry from the 3 major credit bureaus (Trans Union, Experian, and Equifax) to determine your eligibility for a personal loan. If you do not pay back your loan on time your lender may choose to report this delinquency to one or more credit bureaus, with the end result being that your credit score could be negatively affected. We wholeheartedly encourage consumers to consult a credit counseling company in the event that they are experiencing credit problems.
Loan renewal policies are largely governed by state regulations. Your lender will present you with available loan renewal options prior to your acceptance of their loan offer. Please be sure to diligently read the lender’s renewal policy prior to signing the loan documents. Short-term cash loans are meant to be a short-term financial instrument. E-Loan.net encourages all consumers to repay their loan in full and on time in order to avoid late payment and/or nonpayment penalties. If you think there’s a possibility you could end up being unable to pay off a personal loan that you borrow, we would recommend that you explore different loan alternatives before requesting a loan through our website.
Again, E-Loan.net is not a lender, and moreover, it doesn’t engage in debt collection practices. Your lender’s collection practices will be clearly disclosed to you in the loan documents that you receive. Should you be unsure of the specific collection practices used by a particular lender, we strongly advise that you discuss this issue with the lender directly. E-Loan.net makes reasonable efforts to only work with reputable, established lenders who follow Fair Debt Collection Practices.