Here at Pay Power Loan, our goal is to help people just like you secure the funds that you need without having to worry about past credit problems, bankruptcies, or other financial challenges. To make things easier on our customers, we're happy to provide total transparency in our operations as well as optional payment protection plans, early repayment with no fees, and the like. However, we also want all of our borrowers to fully understand the responsibilities that come along with taking out any kind of loan, whether it be a personal loan, debt consolidation loan, or anything in between.
For starters, it is important to understand that the responsibility falls completely on the borrower to understand all rates and fees associated with a loan. While Pay Power Loan doesn't charge a fee for its services, the lenders with which we work all have their own policies and regulations when it comes to interest rates, fees, and penalties. We recommend that you get a true idea as to the total cost of a loan (based on your interest rate and repayment period) before signing any kind of contract. In other words, don't consider the cost of paying back just the money you borrowed; you'll also need to consider interest costs and other fees when determining how much you can comfortably afford to pay back and thus how much you can reasonably afford to borrow in the first place. There are plenty of helpful online loan repayment calculators that can quickly and easily help you determine these amounts so you can ensure you're not borrowing more than you can afford.
You should also understand that you assume full responsibility as a borrower for making timely repayments on your loans. Being late on a loan repayment or failing to make a loan payment in its entirety could result in late fees, penalties, and additional interest charges. If you believe you're going to have trouble making a payment on time or making a payment at all, we encourage you to reach out to us or directly to your lender as soon as possible. You may be surprised at just how willing many lenders are to work with borrowers through difficult financial times.
Regardless, you are responsible for repaying your loan in its entirety, including any interest payments, penalties, and additional fees that you may accrue. Failure to do so could result in future collections, accrual of additional interest and fees, and even a negative impact on your credit score.