Refinancing a Loan
We do not automatically refinance any of our loans or credit services transactions. Where refinances are available (varies by state), you may refinance your loan or credit services transaction by logging in as a returning customer prior to your due date and applying for a refinance. In connection with any refinance, you will be required to agree to new transaction agreements via electronic signature for the refinanced transaction. Our standard rates for loans or credit services transactions will be assessed on that refinance.
Impact on Your Credit Score
We do not currently report loan activity to any of the major credit bureaus. However, we do use alternative credit reporting agencies. Failure to make timely payment on your loan may reduce your score with such agencies, and prevent you from receiving credit or other services from a provider that uses such agencies. Short term lenders may also rely on their own scoring process which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Currently, no past due interest is assessed on any loans you may obtain from us or that we may arrange for you. However, you may be assessed a late fee if you fail to make your payment by a specified period following its due date and you may be assessed with a returned item charge if any check or electronic payment we submit on your behalf is returned unpaid.
We may attempt to collect any delinquent amount through our standard collection practices, which include contacting you by phone, mail or email. We may also exercise any of our rights under our loan or credit services agreements with you. If we are unable to collect any delinquent amount you may have with us through such actions, we may also sell our debt to a third party debt buyer or engage a collection agency, who may also engage in collection activity with you.