Instant Payday NV is not a lender or a financial institution. We do not make any credit decisions, nor do we ask the lenders to set their rates at a particular range. We cannot provide the rates and fees charged by the respective lenders for the same reason. That said, we make it a point to ensure that the lenders in our network strictly adhere to the related global, federal, state, and local rules and regulations. We want to make sure that our lenders follow fair credit practices when providing short-term payday loans to our customers.
Payday loans are short-term loans which are a temporary financial instrument to help solve sudden monetary emergencies. But these can become very expensive and increase the burden multi-fold if the person is not careful in taking and repaying the loan. Short-term loans have high-interest rates and processing fees.
It is a highly regulated industry with governmental and non-governmental agencies moderating, controlling, and monitoring the practices and procedures. The agencies establish the best practice for the industry to grow and develop positively.
Since we cannot offer our customers the exact information about the rates and prices, we offer our customers other sources of information. Users can educate themselves by visiting the following websites and reading the laws related to short-term loans. These two agencies are responsible for creating and enforcing laws to protect customers from unfair trade practices.
Federal Trade Commission: https://www.ftc.gov/
Consumer Financial Protection Bureau: http://www.consumerfinance.gov/
Apart from the above, many states have listed separate rules to keep the citizens safe from being taken advantage of by the lenders in the industry. The lenders in the industry should adhere to the state laws as well as federal laws. The laws oversee the terms and conditions about maximum loan amount, interest rate and other charges levied by the lender, the number of eligible renewals of a loan, percentage of the late fee applicable, and other stuff factors where 5the lender could take charge the customer extra payment.
Users can also visit the following links to know more about the regulations in their respective states.
Link 1: http://www.paydayloaninfo.org/state-information
Link 2: http://www.ncsl.org/research/financial-services-and-commerce/payday-lending-state-statutes.aspx
Certain states have prohibited short-term lending. New York, West Virginia, Arkansas, Vermont are some examples of the states that do not allow short-term payday loans. There are more such states, and the list is bound to change without prior notice.
Always make it a point to read the laws before applying for a loan. The regulations tend to change. The last thing one would want to be under the wrong assumption about the rates. Read the rules and apply for a loan.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues. The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution. We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders. We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender. We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only. Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders. We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000. We cannot guarantee that the loan application will be approved by a lender. Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant. The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations. The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender. We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders. APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them. We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment. In the case where late payment is considered possible, the late payment fee is applicable and implied. The laws of the state and the federal govern the cases of late payment fees and vary vastly. All details related to the procedures and costs associated with late payment are disclosed in the loan agreement. Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied. The charges for nonpayment and late payment are disclosed in the loan agreement. Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices. The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices. Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating. This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.