Lenders

PRESTALOAN only works with professional lenders and lending partners who participate in responsible lending practices and are authorized to lend money in the form of personal loans or auto loans to consumers. Once you are matched with a lender or lending partner, we strongly recommend that you look up the specific details of that lender or lending partner so that you know how to contact them in case you have any concerns or questions.

Each lender or lending partner also has their own terms and conditions regarding loan interest rates; payback requirements; and the repercussions of being late, missing or transferring a payment. You should make sure you know the specific terms and conditions of your lender or lending partner.

Credit score

One of the first and most important things to understand as a borrower is that making a late payment, missing a payment or transferring a payment can negatively affect your credit score. Your credit score is a numerical expression of your creditworthiness based on an analysis of your credit files.

A credit score is based primarily on credit report information typically obtained from credit bureaus.

• Not paying on time can negatively affect your credit score and make it difficult for you to do things like get a credit card or get a loan. Although less-than-perfect credit will not necessarily prevent you from receiving a loan
• all loans are subject to credit approval. As such, the lender or lending partner with whom you are connected may run a credit check with one or more credit bureaus.
• If you have had many credit checks in a given period of time, it is possible that this check will negatively affect your credit score.
• If you can make all your payments on time, the process of applying for and repaying a loan can improve your credit score.

Overdue Loans

The most important thing to understand as a borrower is the effect of making late payments on your loan.

Even though each lender or lending partner we work with has their own terms and conditions for the loans they offer and the payback of those loans, there are some general repercussions of late payment that you should understand.
First, you will likely be charged fees if you make a late payment. Also, if you extend a loan, the finance charge on the original loan must be paid by the original due date. Then, the principal amount of your loan will be deferred with an additional finance charge.
We recommend that you pay as close to your original due date as possible to further reduce the charges you incurred.
If you intend to diverge from your payment plan, be sure to contact your lender or lending partner immediately to set up a new payment arrangement.

If your banking institution rejects your loan payment for any reason, the lender or lending partner may initiate collection proceedings and you will not be able to receive future loans from the lender or lending partner until all of your payment obligations are completed.
It is important to remember to read about the penalties and payment options for the specific lender or lending partner you are connected with and make sure you fully understand their policies.
Finally, keep in mind that loans are intended only to be used for short-term financial needs; they are not intended to be a long-term financial solution. In general, you should always make sure to pay all of your loans/bills/debts in a timely manner.

Missing a Payment

PRESTALOAN recommends that you pay all your loans / bills / debts when they are due and not later. By paying everything in a timely manner, you will ensure you have a positive payment record and minimize negative repercussions. Each lender or lending partner we work with has their own terms and conditions regarding the specific implications of missing a payment with them. However, if the lender or lending partner does not receive a payment, the probable result is that they will file collection proceedings against you and you will not be able to receive any further loans from the lender or lending partner. Therefore, it is crucial that you understand the specific requirements regarding payback and the repercussions of not making a payment. And again, we strongly recommend that you pay all loans/invoices/debts as they become due.

Payment Postponements

With some of our affiliated lenders or lending partners, it is possible to postpone payments if you find that you are unable to make a scheduled payment date. However, please note that, as is the case with missing a payment or late payment, postponing a payment will negatively affect your credit score. Also, understand that the interest you pay will be the same with the transferred payment as with the missed payment.

Renewal policies

PRESTALOAN works with several different lenders or lending partners, each of which has its own individual renewal policy. As a general rule.

There are two types of renewals

Collection

In general, a lender or lending partner will take payment directly from your bank account when due. However, each lender or lending partner we work with has its own terms and conditions, and you should make sure you understand them for your individual lender or lending partner.
If you miss a payment on your loan and do not contact your lender or lending partner to arrange other repayment options, your loan will likely be subject to collection.
Generally, we will contact you by phone, email and regular mail. If you continue to be unresponsive, the lender or lending partner will likely use an outside collection agency to collect the debt. These details will differ from one lender or lending partner to another, so be sure to read and understand the particular terms and conditions of your lender or lending partner. Also, remember that it is always in your best interest to repay your loan on time whenever possible.