Disclaimer
This website does not constitute an offer or solicitation to lend. ElcLoans.com is not a lender and does not make loans or credit decisions. ElcLoans.com provides a matching service only and is not acting as a representative, agent, or correspondent for any of the lenders we contract with. ElcLoans.com does not charge a service fee. ElcLoans.com does not control and is not responsible for the actions or inactions of any lender.
ElcLoans.com does not endorse any particular lender or loan product. You are under no obligation to use ElcLoans.com's service to initiate contact, or request credit with any of the lenders. This service is not available in all states and the service availability and scope are subject to change without notice.
Subject to our Privacy Policy, ElcLoans.com will transfer your information to lenders in our program and other service providers and marketing companies with which we do business. ElcLoans.com does not guarantee that completing an online form will result in your being matched with a lender, being offered a loan product with satisfactory rates or terms, or a loan product of the requested sum or on the desirable terms, or receiving any approval from a lender in the first place.
Participating lenders may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and Experian to determine credit worthiness, credit standing and/or credit capacity.
By submitting your information via our online form on this website, you agree to allow any and all participating lenders to verify your information and check your credit. Cash transfer times may vary between lenders. Not all the lenders in our network can provide up to $1000. The limits and regulations vary from state to state. Short-term loans are not a long term financial solution.
Representative APR Range:
ElcLoans.com is not a lender and does not provide short-term loans but refers consumers to lenders who may provide such loans. ElcLoans.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.
The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
Implications of Non-Payment:
1. Financial Implications
The costs associated with loans of up to $500 range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
2. Collection Practices
The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.
3. Impact on Credit Score
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative report will be reflected on your credit history indefinitely until the loan is repaid in full. After the lender has received payment in full, they will report this to the credit reporting agencies and the report will be removed from your record.
4. Renewal Policy
Some of the lenders in our network may automatically renew your loan if it becomes past due. You should check your loan agreement for your lender's policy on automatic loan renewal. If your loan is renewed, there will be additional charges as determined by your lender and the minimum term will be 15 days. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
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