RATES AND FEES
Only a lender orlending partner can provide you with information on their rates and terms. This will typically happen shortly after your loan request is complete, and you are connected with a lender or lending partner. LendSpace does not make credit decisions or determine rates and terms. Remember, you are under no obligation to accept the loan offer if the terms are not satisfactory for whatever reason.
Repayment on personal loans is generally performed either monthly or once every two weeks, depending either on your preferences or your lender’s or lending partner’s terms. You may be able to have funds withdrawn automatically from your bank account on the date agreed upon with your lender or lending partner. Be sure that you read and fully understand all policies regarding repayment and understand what you will have to do as a borrower to repay the loan. Your loan cannot be conditioned upon repayment by electronic funds transfer or automatic withdrawal. Consult your lender or lending partner for more details.
Personal Loan Costs
On the whole, the eventual cost of a personal loan will vary a great deal based on factors related to the requester, the state the requester lives in, the lender or lending partner, and the requester’s repayment. Other factors that matter are the amount of money that is borrowed, the period of time of the loan and the specific interest rates used. Your credit score may also be taken into consideration.
Standard Personal Loan Terms
While specific terms of personal loans will vary depending on your state, your lender or lending partner and your specific circumstances, below is a general range of common terms.
- Loan amount: Varies by Lender
- Lending period: Varies by Lender
- Payment frequency: Once a month or twice a month
- APR: Will vary based on your credit score, repayment history and other factors
- Prepayment penalty: Varies by Lender
FAIR CREDIT REPORTING ACT (FCRA)
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records).
Here is a summary of your major rights under FCRA. For more information, including information about additional rights, go to www.consumerfinance.gov/learnmore or write to: Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.
You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment – or to take another adverse action against you – must tell you, and must give you the name, address, and phone number of the agency that provided the information. If you have not received this information, please contact the lending or financial institution you were connected with.
You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number or other personally identifiable information. In many cases, the disclosure will be free. You are entitled to a free file disclosure if:
- A person has taken adverse action against you because of information in your credit report;
- You are the victim of identity theft and place a fraud alert in your file;
- Your file contains inaccurate information as a result of fraud;
- You are on public assistance;
- You are unemployed but expect to apply for employment within 60 days.
In addition, all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.consumerfinance.gov/learnmore for additional information.
You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.
You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. See www.consumerfinance.gov/learnmore for an explanation of dispute procedures.
Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete, or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need – usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.
You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to www.consumerfinance.gov/learnmore.
You may limit “prescreened” offers of credit and insurance you get based on information in your credit report. Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address form the lists these offers are based on. You may opt out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688).
The following FCRA right applies with respect to nationwide consumer reporting agencies:
CONSUMERS HAVE THE RIGHT TO OBTAIN A SECURITY FREEZE
You have a right to place a “security freeze” on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization. The security freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. However, you should be aware that using a security freeze to take control over who gets access to the personal and financial information in your credit report may delay, interfere with, or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, or any other account involving the extension of credit.
As an alternative to a security freeze, you have the right to place an initial or extended fraud alert on your credit file at no cost. An initial fraud alert is a 1-year alert that is placed on a consumer’s credit file. Upon seeing a fraud alert display on a consumer’s credit file, a business is required to take steps to verify the consumer’s identity before extending new credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which is a fraud alert lasting 7 years.
A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account. Reviewing the account includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.
Identity theft victims and active duty military personnel have additional rights. For more information, visit www.consumerfinance.gov/learnmore .
States may enforce the FCRA, and many states have their own consumer reporting laws.? In some cases, you may have more rights under state law. For more information, contact your state or local consumer protection agency or your state Attorney General. For information about your federal rights, contact:
TYPE OF BUSINESS:
1a. Banks, savings associations, and credit unions with total assets of over $10 billion and their affiliates
1b. Such affiliates that are not banks, savings associations, or credit unions also should list, in addition to the CFPB:
a. Consumer Financial Protection Bureau
b. Federal Trade Commission
2. To the extent not included in item 1 above:
b. State member banks, branches and agencies of foreign banks (other than federal branches, federal agencies, and Insured State Branches of Foreign Banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act.
c. Nonmember Insured Banks, Insured State Branches of Foreign Banks, and insured state savings associations
d. Federal Credit Unions
a. Office of the Comptroller of the Currency
b. Federal Reserve Consumer Help Center
c. FDIC Consumer Response Center
d. National Credit Union Administration
1775 Duke Street
3. Air carriers
Asst. General Counsel for Aviation Enforcement & Proceedings
4. Creditors Subject to the Surface Transportation Board
Office of Proceedings, Surface Transportation Board
5. Creditors Subject to the Packers and Stockyards Act, 1921
Nearest Packers and Stockyards Administration area supervisor
6. Small Business Investment Companies
Associate Deputy Administrator for Capital Access
7. Brokers and Dealers
Securities and Exchange Commission
8. Federal Land Banks, Federal Land Bank Associations, Federal Intermediate Credit Banks, and Production Credit Associations
Farm Credit Administration
9. Retailers, Finance Companies, and All Other Creditors Not Listed Above
Federal Trade Commission
PRE-QUALIFICATION PLATFORM TERMS FOR LOANS
Please read this information carefully and print a copy and/or retain this information for future reference.
LendSpace’s Loan Pre-Qualification Platform (the “Loan Pre-Qualification Platform”) is a tool that helps you find pre-qualified offers for financial product with greater ease and certainty. By signing up for and using the Loan Pre-Qualification Platform, you agree to the following terms:
- Permission to Share Information.I authorize LendSpace to periodically share personal profile information it has collected about me with current or future participating loan providers or loan platforms (“participating providers”) so that they can identify and return certain “prequalified” personal loan, auto loan, small business loan or student loan offers (each such submission, a “pre-qualified offer request”).
- Permission for Participating Providers to Make Soft Inquiries; No Impact to Credit Score.I authorize each participating provider to obtain and use consumer report information about me from one or more consumer reporting agencies (such as TransUnion, Equifax or Experian). These soft inquiries will not impact my credit score and my consumer report information will be used solely in connection with identifying and providing me with pre-qualified offers.
- Offers Not Guaranteed; Application Still Required.I understand that receiving pre-qualified offers through LendSpace’s Loan Pre-Qualification Platform does not guarantee approval and I will still need to submit an application with participating providers. While checking for pre-qualified offers does not result in a hard inquiry or affect my credit score, I understand that if I choose to apply for a pre-qualified offer with a participating provider, that provider may run a hard inquiry, which can impact my credit score.
- Available Products Subject to Change.I understand that many, but not all, financial service providers participate in the Loan Pre-Qualification Platform and that the platform may not include every product offered by participating providers. I further understand that LendSpace will determine, in its sole discretion, when, how often, and with which participating providers it checks for pre-qualified offers based on criteria from each participating provider, availability of information needed to identify prequalified offers and other relevant factors.
- Electronic Communications Consent.I consent to receive communications about pre-qualified offer requests electronically from participating providers or LendSpace as described in these E-Consent Terms. These electronic communications include responses to pre-qualified offer requests, any applicable notices or disclosures required by law and, when enabled, the notifications about offers described in the following paragraph.
- Notifications About New or Recommended Offers (optional).I understand and agree that LendSpace will send me email or push notifications to tell me about recommended pre-qualified offers I receive from pre-qualified offer requests submitted on my behalf. I understand that I can adjust my Communications & Monitoring Settings to turn off these offer notifications.
- One-Year Enrollment Period.I understand that my enrollment in the Loan Pre-Qualification Platform and the authorizations granted herein will remain valid for a one-year period.
PRE-QUALIFICATION PLATFORM TERMS FOR CREDIT CARDS
LendSpace’s Credit Card Pre-Qualification Platform (the “CC Pre-Qualification Platform”) is a tool that helps you find pre-qualified offers for financial products with greater ease and certainty. By signing up for and using the CC Pre-Qualification Platform, you agree to the following terms:
- Permission to Share Information.I authorize LendSpace to periodically share personal profile information it has collected about me with current or future participating credit card issuers (“participating issuers”) so that they can identify and return certain “prequalified” credit card offers (each such submission, a “pre-qualified offer request”).
- Permission for Participating Issuers to Make Soft Inquiries; No Impact to Credit Score.I authorize each participating issuer to obtain and use consumer report information about me from one or more consumer reporting agencies (such as TransUnion, Equifax or Experian). These soft inquiries will not impact my credit score and my consumer report information will be used solely in connection with identifying and providing me with pre-qualified offers.
- Offers Not Guaranteed; Application Still Required.I understand that requesting pre-qualified offers through LendSpace’s CC Pre-Qualification Platform is not an application for credit and does not guarantee approval. I also understand that I will still need to submit an application with participating issuers. While checking for pre-qualified offers does not result in a hard inquiry or affect my credit score, I understand that if I choose to apply for a pre-qualified offer with a participating issuer, that issuer may run a hard inquiry, which can impact my credit score.
- Notifications About New or Recommended Offers (optional).I understand and agree that LendSpace may send me email or push notifications to tell me about recommended pre-qualified offers I receive from pre-qualified offer requests submitted on my behalf. I understand that I can adjust my Communications & Monitoring Settings to turn off these offer notifications.
- Canceling Enrollment.I understand that I can cancel my enrollment in the CC Pre-Qualification Platform by visiting my Communications & Monitoring Settings.