The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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71 APR. Implications of Late Payment. If you are unable to repay your loan on time for any reason, please contact your lender as soon as possible. Late payment fees are set by your lender in accordance with the regulations in your state, and lenders also determine their own policies in regard to how they handle late payments.
There are several courses of action that your lender may take, so you should check your loan agreement for specific information that pertains to your lender. Implications of Nonpayment. Financial Implications вЂ The cost associated with short term loans of up to 500 can range from 15 to 40, and these costs may climb even higher for loans that are greater than 500 in value. Before you sign your agreement, you should check these fees carefully.
Jones moved after she borrowing from Cash Plus, so she did not get notice of the charges by mail. Instead, a county constable showed up at her new address. Jones said she was terrified and embarrassed by the charges.
She had to enter a plea in the case or else face an arrest warrant and possible jail time. In addition to the fines, Jones was unable to renew her driver's license until the case was resolved.
Craig Wells, the president and CEO of Cash Plus, which is based in California but has about 100 franchises in 13 states, told HuffPost that this was the first Ive heard of this case. He said that the company instructs its franchises to adhere to all state laws and regulations.