Personal Loans 101
Boltlending.com is not a lender. We are a service provider here to connect you to our large network of lenders available to get you the funds you need in a safe, secure environment. We have created “Personal Loans 101” in an effort to educate you about personal loans so you can make a decision that is right for you.
A personal loan is a fixed term loan that can be used for just about any purpose. Loan amounts range from $1,000 to $10,000 and money it typically wired directly into your bank account within the next business day. Interest rates can be higher than a typical credit card but it’s a great alternative for people without great credit. The loans provided by the participating lenders in our network are term loans for 1 to 5 years. These types of loans are not a solution if you are facing long term debt or credit difficulties, and should not be used on a long-term basis. You should only borrow an amount that can be repaid within 1 to 5 years.
Annual Percentage Rate (APR)
The APR is the rate at which your loan accrues interest. It is based upon the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. States have laws limiting the APR that the lender can charge you. Representative APRs vary from 35%-420% for personal loans and installment loans. For those that do not meet the minimum requirements for a personal loan, alternative loan solutions may be offered to you. Rates specified above are not applicable to alternative loan solutions. Please be sure your lender gives you the APR along with the other terms of your loan before you sign their agreement. By law, the lender is required to show you the APR before you enter into the loan. Be sure your lender gives you the APR along with the other terms of your loan before you sign their agreement.
By submitting your registration through this website, you agree to allow participating lenders to verify your information and check your credit as described in their policies and terms. Our participating lenders may verify your social security number, driver's license number, national ID, or any other state or federal identification and review your information against national databases to include but not limited to Equifax, Transunion, Experian to determine credit worthiness, credit standing and/or credit capacity. Accessing your credit history via the three major credit bureaus could lower your credit score. Some of our participating lenders perform Credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau. This method typically will not affect your credit score.
Know the Lender’s Renewal Policy
Each participating lender has their own renewal policy. Some participating lenders will automatically renew your loans or will require your permission to renew your loan. Others will not renew your loan. Renewing or extending the repayment period for a loan may result in additional interest, as well as other fees, which can greatly increase the total amount you pay back on a loan. State laws often govern loan renewal policies. It is a good idea to learn your state’s policies regarding loan renewal and carefully read the lender's terms before agreeing to and submitting your e-signature.
Implications of Late Payments
Each lender has its own criteria and policy when it comes to late payments. This may include additional fees and interest and may result in reports to the three major credit reporting bureaus causing your credit score to be lowered. Before you agree to a loan be sure you read and understand the implications of making late payments.
Implications of Non-Payment & Collection Practices
If you fail to make payments on your loan as specified in the loan terms may be responsible for additional fees, interest and collection costs. Your credit score will also likely go down. You are protected by the Fair Debt Collections Act, which provides limitations for how a lender may collect an unpaid balance. Here some of those guidelines:
- No contact by phone before 8 am or after 9 pm.
- No harassing or using abusive language.
- No use of deception to try to collect money.
- No threats of legal action.
We are not a lender. Only your lender can provide you with information about your specific loan terms, including the APR, renewal, payments and implications for nonpayment or skipped payments.