At PaydayAlamo.org, we are committed to protecting you against unfair lending practices. To achieve this goal, we undertake the following actions:
We work only with lenders who comply with the law and are legally authorized to lend money to consumers. We make every effort to build a network of reliable partners to ensure you receive high-quality services with minimal risk.
Once connected with a financial provider, please review the details of that lender and ask any questions you may have.
It’s important to remember that each lender has their own terms and conditions. Interest rates, repayment terms, late payments, missed payments, and loan renewals vary by lender. To know what to expect, contact your financial provider.
Your financial background is represented by a three-digit score that reflects your creditworthiness and predicts how likely you are to manage debt in the future. A higher score improves your chances of being approved for a loan with better terms. Factors that may negatively affect your credit score include:
Even if your credit is less than perfect, you may still be approved. All loans are subject to credit approval.
We strongly recommend borrowing responsibly and only taking a loan when you can afford it. Late payments may incur fees, which we do not have information on until the financial provider finalizes the loan process with you.
Always review all documentation before signing the loan agreement to understand any potential fees from late payments.
If you anticipate difficulties in repaying on time, contact your lender as soon as possible to inform them of your situation.
Remember, a personal loan is a short-term solution and should not be used to address major financial struggles.
We encourage timely repayment of your debt. Missing a payment may lead to additional fees and collection activities, which can negatively impact your credit score. Each lender has their own policy regarding missed payments. We recommend thoroughly reviewing your loan agreement to understand the lender’s policy on missed payments.
If you are unable to repay the loan by the due date, contact your provider in advance to discuss the issue.
Some financial providers offer the option to roll over your debt if you cannot repay by the due date. Note that renewing a loan is not free; you will incur a fee to delay repayment. This fee does not reduce the amount owed, and rollover payments will have the same interest rate as the missed payment.
We work with many lenders, each with their own renewal policy. Typically, they offer two types of renewals:
In extreme cases where you have a delinquent payment and do not contact your lender, they may begin collection activities. Typically, they will notify you by phone, mail, or email about the intention to start the collection process. If you continue to avoid communication, your lender may turn to a collection agency.
The collection practices of a particular lender are outlined in the loan agreement. We encourage you to read it carefully to understand the lender’s policy on collection practices. For more information, please contact your lender.