Lending Goals

Learn more about our lending goals and how they support your financial journey.

EasyLoansNow is not a lender. We operate a platform that connects consumers with lenders and lending partners who may be willing to consider their loan requests. Within that role, we work to help you make informed borrowing decisions. To do that, we do the following:

• We provide relevant information about the loan industry, your responsibilities as a borrower, and the consequences of late payment, missed payment or non-payment, so that you can make a well-informed decision;
• We present this information in clear, understandable language;
• We treat every customer with respect;
• We require the lending partners we work with to commit, as a condition of participating in our network, to abide by Fair Lending practices.

The information on this page is a general description of how our platform works. In the event of any conflict between this page and our Terms of Service.

Lending Partners

Our policy is to work only with lending partners who represent to us that they operate in compliance with applicable law and are authorized to lend in the jurisdictions where they do business. We require this commitment contractually before a lending partner may participate in our network.

However, we do not independently verify, validate or investigate the licensing, certification, qualifications or business practices of any lender, and we do not guarantee that any particular lender is licensed or authorized in your state. As set out in our Terms of Service, it remains your responsibility to investigate any lender or financial provider before engaging with them.

Once you are connected with a lender, you should review that lender's details and confirm for yourself that it is appropriately licensed or authorized in your jurisdiction before entering into any agreement. Keeping the lender's contact details also allows you to reach them if you have questions later.

Please note that every lender sets its own terms and conditions on interest rates, repayment, late payments, missed payments and loan renewals. We do not set, negotiate or control those terms.

Impact on Credit Score

Your credit score is a numerical expression of your creditworthiness, based on the data held in your credit reports at the major credit bureaus. The following may affect your credit score:

• late payments;
• missed payments;
• loan rollovers or renewals;
• credit inquiries made by lenders assessing your eligibility for a loan product. A lender may make a "soft" inquiry, which does not normally affect your score, or a "hard" inquiry, which may. Which type of inquiry is made is determined by the lender, not by us.

Less than perfect credit will not necessarily prevent you from obtaining a loan, but every loan is subject to the lender's own approval and underwriting criteria. We make no credit decisions and no prequalifications.

Late Payments

We encourage all borrowers to treat their loans responsibly and to repay them on time. If you pay late, your lender may charge a late fee or additional interest, and may report the late payment to one or more credit bureaus. The amount and type of any such charge is set by your lender and by the law of your state; it is not set by us, and we receive no part of it. Each lender has its own late payment policy.

If you think you may be late with a payment, contact your lender before the due date to explain your situation and discuss the options available to you.

Always read your loan agreement carefully. It contains the lender's full policy on late payments, including any fees that may apply.

Please remember that a personal loan is a short-term solution and is not intended to resolve long-term financial difficulties. If you are facing ongoing financial hardship, you may wish to speak with a nonprofit credit counselor.

Missing a Payment

We encourage consumers to repay all their loans on time. If you miss a payment, your credit score may be affected and your lender may begin the process of collecting the debt from you. Each lender has its own policy on missed payments, so please read your loan agreement carefully. If you believe you will not be able to repay the loan, contact your lender to explain your situation and work out the options together.

Rollovers

If you are unable to repay on time, some lenders may offer to roll over or renew your loan. Rollovers are expensive. You will normally pay additional interest and, depending on the lender, additional fees for the extended period; the deferred or missed payment may still be reported to the credit bureaus; and rolling a loan over repeatedly can substantially increase the total cost of borrowing.

Rollovers and renewals are limited or prohibited in a number of states. Whether one is available to you, and on what terms, depends on your lender and your state of residence.

Types of Renewal Policies

We work with a number of lenders and lending partners, and each has its own renewal policy. In general terms, renewals fall into two categories:

• Unlimited renewals. Where permitted by state law, these allow a loan to be renewed repeatedly. This is a very expensive and high-risk option.
• Limited renewals, whether automatic or borrower-initiated. These allow renewal only a set number of times, or only under conditions set by the lender.

We do not control which renewal policy applies to your loan. Check your loan agreement, and ask your lender directly if anything is unclear.

Collection

If you miss a payment and do not respond to your lender, the lender may begin collection activity. As a rule, you will be notified that collection has started by phone, mail or email. If you do not respond to those notices, your lender may refer the debt to a collection agency. If you have given your lender an ACH or other payment authorization, funds may be withdrawn automatically from your bank account on the dates you agreed with the lender.

Each lender's collection practices are set out in the loan agreement, so read it carefully before you sign. Debt collection is regulated by federal and state law, including the Fair Debt Collection Practices Act. If you have questions about a lender's collection practices, contact that lender directly.

The information on this page is general in nature. It is not legal, tax or financial advice, and it is not an offer or solicitation to lend. Consider consulting a qualified professional about your particular situation.