Taylor said he needed the loan to help cover a 3,000 down payment to buy the land on which his mother lives. Taylor didnt have the money and worried that his lack of credit would keep him from being approved for a traditional loan prime credit line payday loans a bank. Taylor went online and borrowed 1,000 from a lender called Silver Cloud Financial, Inc. It's a tribal lending entity owned and operated by the Habematolel Pomo of Upper Lake, a Native American tribe in rural northern California.
Taylor said he only had to give Silver Cloud minimal information, including the name of his employer, how much he was paid, and his bank account number. He agreed to let Silver Cloud make automatic withdrawals from his bank account on payday every two weeks to cover interest and fees for the loan.
Shortly after applying for the loan, Taylor saw the funds appear in his account. Although the cash advance helped Taylor buy the land, it came with a 705 percent annualized interest rate. Over the course of 10 months, Taylor would have to pay an extra 3,150 on top of the 1,000 hed borrowed.
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Late Payments Hurt Your Credit Score.
21 APR вЂў Overdraft Fee: 40 charge, 782. 14 APR вЂў Late Fee: 20 charge, 521. 43 APR вЂў Short Term Loan: 10 charge, 260. 71 APR. Implications of Late Payment.
If you are unable to repay your loan on time for any reason, please contact your lender as soon as possible. Late payment fees are set by your lender in accordance with the regulations in your state, and lenders also determine their own policies in regard to how they handle late payments.
There are several courses of action that prime credit line payday loans lender may take, so you should check your loan agreement for specific information that pertains to your lender.
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