Rates & Fees
APR Information
Neither this website nor the operator of this website, Preferred Loans Texas, LLC is a lender. We do not offer, provide, or make loans. We provide a loan finding service by connecting Consumers looking for loans with lenders who may provide such loans. Only your lender can provide you with information about your specific loan terms including APR, fees, charges, and repayment period. Ask your lender for their current rates, fees, charges, and policies for non-payment.
The Annual Percentage Rate, or APR, refers to the total cost of a loan on a yearly basis. It takes into consideration the interest rate, the costs and fees associated with the loan as well as the repayment terms. If a lender had no fees whatsoever other than the interest charged on the loan, the APR and the interest rate would be the same. Because APR is an annual calculation, it appears very high when applied to short-term loans that are intended to be repaid over a number of weeks or a few months.
Depending on the type of loan you receive from a lender representative APRs may range from 36% to 1825.00%. However, APRs for most consumer loans offered by lenders participating in our network typically range from 260.71% to 1825.00%. APRs vary according to the information supplied in your loan request and each lender’s policies, rates, and terms.
Lenders are required by law to disclose the APR to consumers before a consumer loan can be issued. All financial terms of your loan, including APR, fees, charges, and repayment period, will be provided to you by your lender and may vary by lender, state, and your individual creditworthiness. You are NOT required to accept the terms of the loan that a lender offers you. If you don’t agree with or don’t like the terms of the loan offered by the lender, do not electronically sign the loan documents.
Consumers may qualify for installment loans and personal loans at lesser rates than short-term loans. However, most Consumers who use our service have only qualified for a short-term loan product.
Penalties Based on Late Payments or Non-Payment
Every loan, no matter how big or small, is a debt that must be repaid. If a loan is not paid when due it may result in:
- Additional finance charges and fees
- The account falling into collections
- Negatively impacting your credit history
It is important to understand the terms and conditions as well as the resulting obligations of your loan before signing the agreement. Please read the loan document carefully, review the financial implications of late and non-payment, and ask your Lender to explain anything you don’t fully understand. If you are having trouble making your loan payment, give your Lender a call. They may be able to work with you to refinance or extend your loan. The options available depend on your Lender’s policies, your state and local laws, and other factors. However, keep in mind that extending or refinancing your loan will result in additional finance charges and fees. Only your Lender can provide the specific repayment options and details if you can’t repay your loan on time. Each Lender has their own terms and conditions, please review your Lender’s policies for further information.
Responsible Borrowing
Preferred Loans Texas, LLC strives to connect you with a long-term financial solution and adheres to the OLA Responsible Lending Policy. A short-term loan is an expensive form of credit intended for short-term financial needs only, and should not be used as a long-term financial solution. Before taking out a loan consider how it will affect your finances in the future. We recommend creating a realistic budget that includes the loan payment. If you don’t have enough money to pay all of your living expenses, debts, and the loan payment you should reconsider the loan because owing more than you can afford to repay can damage your credit for years to come. If you are experiencing credit difficulties, please seek credit counseling or meet with a nonprofit financial counseling service in your community.
Please follow these responsible borrowing practices:
- Consider all your options
- Borrow only what you can afford to repay
- Provide complete and accurate information to the Lender
- Read the terms and conditions carefully
- Ask questions if you don’t understand something
- Budget for repayment
- Avoid over-borrowing
DISCLOSURE STATEMENT
THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge Consumers any fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lenders and attempt to search for a lender to meet your needs. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that we will be able to locate a lender to meet your needs or that you will be approved for a loan. The lender may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lenders can provide you with the loan amount you requested. Loan amounts are determined by the lender based on individual creditworthiness. All financial terms of the loan, including annual percentage rate (“APR”), fees, charges, and repayment period will be provided to you by the lender and may vary by lender, state, and your individual creditworthiness. You are NOT required to accept the terms of the loan that a lender offers you. If you don’t agree with or don’t like the terms of the loan offered by the lender, do not electronically sign the loan documents.
For details, questions, or concerns regarding your loan please contact your lender directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lenders and may depend on your individual financial institution. Loan repayment periods vary by lender and state. Not all Consumers will meet the lending criteria to qualify for a loan and many consumers may only qualify for short-term lending options. THIS SERVICE IS NOT AVAILABLE TO NEW YORK RESIDENTS DUE TO REQUIREMENTS OF NEW YORK LAW.
Borrow Responsibly – A short-term loan is an expensive form of credit intended for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may result in additional finance charges and fees, your account falling into collections, and may negatively impact your credit history. Lenders may use collection services for nonpayment of loans. Consumers experiencing credit difficulties should seek credit counseling or meet with a nonprofit financial counseling service in their community.
Consumer Advisory: Our lender partners will never ask for advance payment. NEVER pay a lender in advance for a loan.