Understanding APR Rates, Loan Costs & Terms

MyChoiceLoans is not a lender and does not represent lenders as a loan broker or in any other capacity other than as a loan referral service, offering free rate quotes with no impact to your credit. Outlined below is info that will help you understand how personal loans work and the costs associated with them.

Full Disclosure of Terms
If approved for a loan, each lender is required by the Federal Truth in Lending Act law to present to you the terms of the loan, the rates and all costs associated with the loan prior to you executing the loan documents. Each lender has different loan terms, such as the loan amount, the APR for the loan, repayment schedules, etc.. Please review the fee and rate information provided to you by your lender thoroughly and completely before agreeing to the terms of the loan. You are not obligated to accept any of the offers presented to you. Until you execute agreements with an e-signature, you can exit the process at anytime.

Credit Implications
Our service will connect you with lenders for receiving free rate quotes, with no impact to your credit scores. If you are presented with rate quotes and decide to move forward, we will hand you off to that lender for the purpose of you becoming their client, and them attempting to finalize your loan with them. During the process of evaluating your funding request, most Loan Providers will need to perform a hard credit inquiry. Lenders may verify your social security number, national ID, driver's license number, or any other type of federal or state, and review your information against national databases to include, but not limited to, Equifax, Transunion, Experian, Teletrack, or DP Bureau to determine credit worthiness, credit standing and/or credit capacity. When third parties check your credit score, it can lower your credit score. It is important to understand that having multiple hard credit pulls in a given period of time can adversely affect your credit score and rating. Lenders will always ask for your permission prior to doing a hard or soft credit inquiry. There is no impact to your credit when a soft credit inquiry is performed. Learn more about the difference between hard credit inquiries and soft credit inquiries

Personal Loan Costs
There is no cost to use our rate quote service. On the whole, the eventual cost of a personal loan will vary from person-to-person and will be based on factors related, but not limited to, the requester, the state the requester lives in, the lender, the amount borrowed, and the terms and length associated with the loan.

APR: The more accurate determination of what the total cost of a personal loan is going to be for a borrower. Origination fees and interest rates are typically included.

Interest rate: This is the percentage interest charged by the lender to the borrower, excluding other fees.

Prior to submitting a request, consider utilizing our personal loan calculator here to determine what to expect for potential loan payments over different rates, terms and loan amounts.

Repayment
Repayment on personal loans is generally performed either monthly or once every two weeks, depending either on your preferences or your lender's terms. You may be able to have funds withdrawn automatically from your bank account on the date agreed upon with your lender. Be sure that you read and fully understand all of your lender's policies regarding repayment and understand what you will have to do as a borrower to repay the loan. Your loan can not be conditioned upon repayment by electronic funds transfer or automatic withdrawal. Consult your lender for more details.

If approved for a loan, our lender network offers a minimum repayment period of 12 months (1 year), with the maximum repayment period being 72 months (6 years). Not all borrowers will qualify for maximum repayment periods.

Renewal Policy
Prior to accepting a particular personal loan offer, you will be presented with various loan renewal options by your lender. Carefully look through the lender's loan renewal policy before you electronically sign loan documents of any type.

Late, Partial, Non-Payment Policies
All lenders have varying policies regarding late, partial and non-payments. Review the policies for each detailed in the loan documents provided to you by your lender before appending your e-signature, and thereby agreeing to the loan terms. All lenders, however, must abide by applicable laws, rules, and regulations regarding late payment fees. Lenders sometimes will grant borrowers a one-time exception for a late payment. However, if you are late more than once, a lender can add fees, send to a collections agency, and/or report your late, partial, or none payment to a consumer reporting agency with your credit score being adversely affected.

Potential Impact To Credit Score
Your credit score is an assigned number that is reflective of your credit value as seen by lenders. A credit score is primarily based on credit report information almost totally sourced from the credit bureaus. As a borrower, it is important that you are aware that your credit score and rating will be negatively impacted if you do not make your payments on time. As a result of not paying your loan timely, not only will your credit score be negatively impacted, achieving approval for other loans and credit cards can become more difficult.

Collection Practices
MyChoiceLoans is not a lender. We do not have any involvement in the debt collecting process. As part of the loan documents your lender will provide to you, you will find detailed information concerning their specific debt collection practices. If you are unsure in any way of what those collection practices entail, we suggest that you communicate those concerns with your potential lender prior to executing your loan documents. We do our best to ensure that the lenders that make up our network only utilize fair and reasonable methods when pursuing delinquent accounts.