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 your lender may take, so you should check your loan agreement for specific information that pertains to your lender.
The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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Late Payments Hurt Your Credit Score.