Late payment fees will vary by your loan type and state. If you’ve borrowed a prime loan, it’s critical that you make your payments on time since these will be reported to all three credit bureaus.
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Please borrow responsibly and only if you will be able to pay the money back. Before agreeing to a loan, please make sure you can make your loan payments in full and on time. We support the responsible use of loans and recognize that nobody knows your situation better than you.
Rollover fees. If you “roll over” your loan or take out an additional loan with the same lender it’ll tack on a fee that you need to pay on top of everything else you owe.
Fees for prepaid debit cards. Many lenders offer prepaid debit cards as a means of disbursing your loan. But be aware that many lenders charge application fees, monthly fees and payment fees for these cards. Research the total costs associated with the card before you sign up.
Late payment fees. If you’re late on a payment, you may be charged a fee by your lender. These fees are regulated by state law.
Returned check or nonsufficient funds (NSF) fees. Also regulated by state law, lenders often charge you a fee if your check doesn’t clear or they unsuccessfully attempt to withdraw money from your bank account.
Fees charged by your bank. If the lender attempts to withdraw money from your account and there is insufficient funds, your bank may authorize the payment but charge you an overdraft fee. Make sure that you have enough money to cover your repayments on the day they are due.