Rates & Fees
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Unfortunately, we don’t know anything about particular rates and fees associated with the loan offers provided by the lenders we partner with. However, all the information concerning the charges for short term and online personal loans, as well as payment schedules and terms, are clearly indicated in every loan agreement.
Although each individual lender will ultimately determine the rates and fees associated with your loan in accordance with the regulations in your state, there are industry-wide similarities in various charges. LoanSolo.com makes it a point to ensure that you will only deal with the lenders who have agreed to abide by federal and state laws. We provide plenty of information for your convenience as well as resources and links that will help you better understand the industry of short term and online personal lending and handle issues that may arise.
Repaying Your Short Term Loan
LoanSolo.com has provided resources, documents, articles and links that are designed to help you get the best experience possible when it comes to obtaining short term cash loans. Some of the information includes average rates and fees associated with a short term loans, regulations in different states, and the ways to use these loans responsibly.
Fundamentals of Online Personal Loans
plnearme.com provides the users of the website with general information on online personal loans, including but not limited to average rates, possible fees, the link to the report that lists the regulations in different states, and the ways these loans work in general.
These are links to the Federal Trade Commission and the Consumer Financial Protection Bureau for your convenience; these groups are responsible for regulating the industry and ensuring that consumers are treated fairly.
Disclosure of Fees and APR
The APR associated with your loan is the annual percentage rate, or the amount of interest that you would pay on your total loan amount over the course of a year. The APRs for short term cash loans may range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), which is higher than other forms of consumer credit, but since these loans are designed to be repaid in a short period of time, consumers typically pay interest rates that are comparable with the fees for overdrafts and bounced checks. The table below is an example comparison of charges on a $100 loan that is extended for a period of two weeks (the terms are used as an example to show you how the calculations are made).
|Product Type (single repayment)||Charge||APR|
|NSF + Bounced Check||$45.00||1,173.21%|
|Short Term Loan||$10.00||260.71%|
The lenders in our network adhere to federal laws and state regulations that apply to short term and online personal lending industry. Some of the things that states typically regulate include legal state of these forms of lending, the maximum amounts of these loans, the number of loans that may be outstanding at any given time, the fees and interest that lenders can charge, minimum and maximum terms, details of payment schedules, how many rollovers are available to consumers (for short term loans), availability of extended payment plans (for online personal loans), the amount of applicable fees, etc.
Short Term Loans
We have compiled a list of states, the maximum loan amounts in those states and the regulations they have in place for your convenience. These regulations are subject to changes, so the list is not exclusive and gives only some general information regarding the regulations in each state. For more details, please, use the links at the bottom of the page to check current regulations in each state via governmental websites and authorized resources.
Alabama – $500 – Finance charges may not exceed more than 17.5% of the total loan amount.
Alaska – $500 – Finance charges may not exceed more than 15% of the total loan amount, and lenders can charge a discretionary $5 origination fee.
Arkansas – $400 – Finance charges may not exceed 10% of the total loan amount and additional charges, such as those for origination fees, may not exceed $10.
California – $300 – Finance charges may not exceed 15% of the total loan amount.
Colorado – $500 – Lenders are permitted to charge a $30 maintenance fee for each month that the loan is unpaid. The APR associated with loans may not exceed 45%. Finance charges may not exceed 20% on the first $300 of the loan and 7.5% on amounts between $301 and $500.
Delaware – $500 – There are no further regulations in Delaware.
Florida – $500 – Lenders may charge a reasonable verification fee at their discretion. Finance charges may not exceed 10% of the total loan amount.
Hawaii – $600 – Finance charges may not exceed more than 15% of the total loan amount.
Idaho – $1000 – There are no further regulations in Idaho.
Illinois – $1000 or 25% of Gross Monthly Income – Finance charges may not exceed 15.5% of the total loan amount.
Indiana – $50 Minimum or $500 Maximum – Finance charges may not exceed 15% of the first $200, 13% on amounts between $251 and $400, and 10% on amounts between $401 and $500.
Iowa – $500 – Finance charges may not exceed 15% for the first $100 of the loan and 10% on the remaining amount of the loan.
Kansas – $500 – An administrative fee may be charged at the lender’s discretion. Finance charges may not exceed 15% of the total loan amount.
Kentucky – $500 – No more than two loans are permitted at any given time and these loans may not exceed the state maximum. Finance charges may not exceed more than 15% of the total loan amount.
Louisiana – $350 – Finance charges may not exceed 16.75% of the total loan amount.
Maine – There are no loan limits or state regulations in Maine.
Michigan – $600 – Finance charges may not exceed 15% of the first $100, 14% for the next $100, 13% for the third $100, 12% for the fourth $100 and 11% for the fifth and sixth $100. Administrative fees are also allowable.
Minnesota – $350 – Finance charges may not exceed 5.5% on the first $100, 7% for amounts between $101 and $250, and 6% on amounts between $251 and $350. Administrative fees are also allowable.
Mississippi – $400 – Finance charges may not exceed 18% of the total loan amount.
Missouri – $500 – Any finance charges or interest is allowable as long as the total charges do not exceed 75% of the total amount of the loan.
Montana – $50 Minimum and $500 Maximum – Finance charges cannot exceed 36% of the total loan amount.
Nebraska – $500 – Finance charges cannot exceed 15% of the total loan amount.
Nevada – No More than 25% of Gross Monthly Income – There are no additional regulations in Nevada.
New Hampshire – $500 – Finance charges may not exceed 6% of the total loan amount.
New Mexico – No More than 15% of Gross Monthly Income – No additional regulations in New Mexico.
North Dakota – $500 – Finance charges cannot exceed 20% of the loan amount.
Ohio – $500 – Finance charges may not exceed 28% of the total loan amount.
Oklahoma – $500 – Finance charges cannot exceed 15% on the first $300 and no more than 10% on any remaining loan amount.
Oregon – No More than 25% of Gross Monthly Income – Origination fees of up to $30 are allowable. Finance charges may not exceed 36% of the total loan amount.
Rhode Island – $500 – Finance charges cannot exceed 15% of the face value shown on the provided check.
South Carolina – $550 – Finance charges cannot exceed 15% of the total loan amount.
South Dakota – $500 – No additional regulations in South Dakota.
Tennessee – $500 – Finance charges may not exceed 15% of the total loan amount.
Utah – No minimum loan amounts or regulations in Utah.
Virginia – $500 – Verification and origination fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Washington – $700 or 30% of Gross Monthly Income – Verification fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Wisconsin – No loan limits or regulations in Wisconsin.
Wyoming – No Maximum – Finance charges may not exceed $30 or 20% of the principle balance, whichever is less.
The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia (this list is not exclusive, the regulations in each state vary).
Follow the link to this official website and this resource to get all the necessary information regarding the regulations in your state.
Online Personal Loans
States regulate the status and terms of online personal loans differently. In this report you can find detailed information regarding loan caps, APR, applicable fees, additional terms in each state.
Consumer notice: We can’t provide you with the details of any particular loan offer or deal. Please, contact your lender or refer to your loan agreement to get the information regarding the terms of your loan. We recommend you to study the information on rates and fees, including APR, late and non-payment fees, additional charges, penalties and other terms concerning your loan offer prior to signing your agreement.
Representative APR Range
plnearme.com is not a lender and does not provide short term or online personal loans but refers consumers to the lenders who may provide such loans. LoanSolo.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs depend on multiple factors, including the lender’s requirements and offers, your credit worthiness, your state of residence, and the type and term of the loan you request. You will be given the details on the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement during the loan request process.
The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on. See a Representative Example
The APR on online personal loans can reach up to 1,386% depending on the lender’s terms, borrower’s residence state, the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan extension plan, and other factors. Some states cap APR and the amounts of charges for online personal loan.
Implications of Late Payment
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date or make regular installment payment on time. Your lender may set late payment fees in accordance with state regulations, and your lender has several courses of action to deal with late payment. For more information about your lender’s specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly. Origination, documentation and other additional fees may apply to your online personal loan deal. Late payment, non-payment fees and other penalties may apply to both short term and online personal loan deals in case of missed payments. Please review your loan agreement carefully for information about the financial implications before you provide your electronic signature.
Implications of Non-Payment
The costs associated with loans of up to $500 can range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors.
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative record can be reflected on your credit history indefinitely until the loan is repaid in full. After the lenders receive payment in full, they can report it to the credit reporting agencies. We remind that late payment or non-payment of your loan can have negative impact on your credit history.
Some of the lenders in our network may automatically renew your short term loan if it becomes past due. This term is clearly identified in your loan agreement. You should check your loan agreement for your lender’s policy on automatic loan renewal prior to e-signing it. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
Credit Check: Participating lenders may verify your social security number, driver license number, national id, or any other state or federal identifications and review your information against national databases, including but not limited to Equifax, TransUnion, and Experian, to determine your credit worthiness, credit standing and/or credit capacity. By submitting your information via our online form on this website, you agree to allow any and all participating lenders to verify your information and check your credit.
Not all the lenders in our network can provide up to $1,000 in payday loans and $3,000 in online personal loans. The limits and regulations vary from state to state. Cash transfer times and terms may vary from lender to lender.
Consumer Notice: We remind that payday loans and online personal loans for small dollar amounts are not a long term financial solution. These credit options imply relatively high interest rates and become a very costly solution if used improperly. Consumers that seek funds for longer terms or debt relief should consult credit advisor prior to making credit decisions of taking a short term or an online personal loan for small dollar amount.