StarLoanServices is not a lender and does not represent lenders as a loan broker or in any other capacity, except as a loan referral service. It offers free rate quotes that do not impact your credit. Here is some information to help you understand how personal loans work and the costs associated with them.
Full Disclosure of Terms
If your loan application is approved, each lender is required by the Federal Truth in Lending Act to provide you with the terms of the loan, the interest rates, and all costs associated with the loan before you sign any loan documents. Different lenders have varying loan terms, including the loan amount, the APR, and repayment schedules. It's important to carefully review the fee and rate information provided by your lender before agreeing to the terms of the loan. You are not obligated to accept any of the offers presented to you, and you can exit the process at any time before signing any agreements with an e-signature.
Credit Implications
Our service helps you connect with lenders to receive free rate quotes without affecting your credit scores. If you choose to proceed with a rate quote, we will connect you with that lender so you can become their client and finalize your loan. When evaluating your funding request, most lenders will need to perform a hard credit inquiry. They may verify your social security number, national ID, driver's license number, or other federal or state information and review your details with national databases such as Equifax, Transunion, Experian, Teletrack, or DP Bureau to assess your creditworthiness. It's important to note that multiple hard credit pulls within a short period can lower your credit score. Lenders always ask for your permission before conducting a hard or soft credit inquiry. A soft credit inquiry does not impact your credit. If you'd like more information, please visit . difference between hard credit inquiries and soft credit inquiries
Personal Loan Costs
The use of our rate quote service is completely free. The total cost of a personal loan can vary from person to person and depends on factors such as the requester's location, the lender, the amount borrowed, and the terms and length associated with the loan.
APR: The total cost of a personal loan for a borrower is determined more accurately by considering origination fees and interest rates.
Interest rate: This is the percentage interest charged by the lender to the borrower, excluding other fees.
Before making a request, use our personal loan calculator here to estimate potential loan payments based on various rates, terms, and loan amounts.
Repayment
Remember to make payments on personal loans either monthly or once every two weeks. The frequency depends on your preferences or your lender's terms. You might be able to set up automatic withdrawals from your bank account on the agreed-upon date with your lender. Make sure to carefully read and understand all of your lender's policies regarding repayment. Understand your responsibilities as a borrower to repay the loan. Your loan cannot be dependent on repayment by electronic funds transfer or automatic withdrawal. For more details, consult your lender.
If approved for a loan, our lender network offers a minimum repayment period of 12 months (1 year), with the maximum repayment period being 72 months (6 years). Not all borrowers will qualify for maximum repayment periods.
Renewal Policy
Prior to accepting a particular personal loan offer, you will be presented with various loan renewal options by your lender. Carefully look through the lender's loan renewal policy before you electronically sign loan documents of any type.
Late, Partial, Non-Payment Policies
Please make sure to review the policies for late, partial, and non-payments in the loan documents provided by your lender before signing. While all lenders have varying policies, they must still follow the laws and regulations regarding late payment fees. Lenders may offer a one-time exception for late payments, but if you are late more than once, they can add fees, send the debt to a collections agency, and report it to a consumer reporting agency, which may negatively impact your credit score.
Potential Impact To Credit Score
Your credit score is a number that reflects your creditworthiness as perceived by lenders. It is primarily based on the information in your credit report, which is obtained from credit bureaus. It's important to understand that if you fail to make your payments on time, your credit score and rating will be negatively affected. This can make it harder to get approved for loans and credit cards in the future.
Collection Practices
StarLoanServices is not a lender and is not involved in the debt collection process. The detailed information regarding debt collection practices will be provided by your lender as part of the loan documents. If you have any concerns about the collection practices, it is recommended that you discuss them with your potential lender before signing the loan documents. We strive to ensure that the lenders in our network use fair and reasonable methods when pursuing delinquent accounts.
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, the lender will ask for your name, address, date of birth, and other information that will allow the lender to identify you. The lender may also ask to see your driver's license and other identifying documents.
Disclaimer: starloanservices.com is not a lender and does not represent lenders as a loan broker or in any other capacity other than as a loan matching referral service, offering free rate quotes with no impact to your credit. starloanservices.com does not run your credit and is not acting as a credit services agent for you. Lenders may perform a soft pull of your credit during the free rate quote process. Soft credit pulls have no impact to your credit scores or rating. You must select a rate quote and then finalize your loan directly with the lender with which you have selected. Any credit product for which you apply is solely the product of the lender. Most lenders will perform a hard credit check under the Fair Credit Reporting Act in order to evaluate your request promptly and adequately. Your permission will be asked for prior to any hard credit inquiry being performed. Final rates, terms and fees will be based on your individual credit history and underwritten by the lender NOT starloanservices.com. starloanservices.com cannot guarantee final terms, rates or repayments as they vary by lender. Providing your information on this Website does not guarantee approval for a product offering. There is no charge to use the starloanservices.com service. starloanservices.com may receive compensation from a lender in certain circumstances.
Representative Personal Loan Example: For a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of about $152.18 at a 6.78% APR. Total loan cost would be $5,478.48.