Lending Goals

At PaydayAlamo.org, our primary objective is to safeguard you from unfair lending practices. To achieve this, we undertake the following actions:

• Provide Comprehensive Information: We offer detailed insights into the loan industry, borrower responsibilities, and the implications of non-payments or missed payments, helping you make informed decisions.
• Ensure Clarity: We present this information in a clear and understandable manner.
• Respectful Treatment: We treat every customer with the utmost respect and maintain transparent relationships.
• Commit to Quality: We are dedicated to delivering high-quality service and support.
• Enforce Fair Lending Practices: We require all our lending partners to adhere to fair lending standards.

Lending Partners

PaydayAlamo.org collaborates exclusively with lenders who are legally authorized and compliant with applicable laws. We strive to build a network of reliable partners to ensure you receive high-quality services with minimal risk.

Once connected with a lender, review their details carefully. This enables you to address any questions or concerns directly with the lender.

Be aware that each lender has unique terms and conditions regarding interest rates, repayments, late payments, and loan renewals. Understanding these terms is essential.

Impact on Credit Score

Your credit score, derived from data provided by major credit bureaus, reflects your creditworthiness. Several factors can influence your credit score, including:

• Late payments
• Missed payments
• Loan rollovers
• Credit inquiries

While a less-than-perfect credit score may not preclude loan approval, all loans are subject to credit approval.

Late Payments

We advise borrowers to manage their loans responsibly and ensure timely repayments. Late payments may incur additional fees, which vary by lender. If you anticipate a delay, communicate with your lender to discuss possible solutions.

Always review your loan agreement for details on policies regarding late payments.

Missing a Payment

Timely repayment is crucial to avoid damage to your credit score and potential collection actions. Each lender has its own policy on missed payments. Read your loan agreement carefully to understand these policies.

If you’re unable to repay the loan, contact your lender promptly to discuss options.

Rollovers

Some lenders may offer the option to roll over your debt if repayment is not possible on the due date. Note that rollovers may incur additional fees and do not reduce the amount owed. The interest rate for rollover payments is typically the same as for missed payments.

Types of Renewal Policies

We work with various lenders, each with its own renewal policy. Generally, there are two types of renewals:

• Unlimited Renewals: Allow multiple renewals but can be costly and risky.
• Automatic and Borrower-Initiated Renewals: Offer limited renewals based on specific conditions.

Collection

If you miss a payment and do not communicate with your lender, they may initiate debt collection procedures. You will typically be notified by phone, mail, or email before collection actions begin. Ignoring these communications may result in involvement from a collection agency.

Review your loan agreement for details on collection practices and contact your lender if you have any questions.