Information on IgotFunds.com

The website IgotFunds.com is not an actual lender; it is a network of lenders. The service that is provided by our company is totally free to the customer. Each of the terms of repayment are dealt with between the lender and you. All of the lenders will have different terms for the loans. This includes the loan APR, the amount of the loan, the schedules for the repayment, etc.

The professionals at IgotFunds.com know that you need help in a timely fashion. Receiving the amount of money that you deserve should be a trouble-free and very simple process. With this in mind, we have designed our process just like this.

Getting Started

The first thing that has to be done is to fill out our application that is no-obligation. This application is very straight forward and easy to understand. One good thing is that we will only ask for your information that is needed to be able to approve the loan for you. You can be assured that your personal information is secure and safe, since we are using the latest technology in our website encryption.

After you have submitted your application, we will be able to match you with a lender that is right for you. If for some reason we cannot match you then we will let you know. Now you will be able to view the offer of the loan and decide whether to accept it or decline it.

Loan

When you accept a loan offer, the money will be sent to the bank account that you specified. This usually only will take about an hour. The latest you will get your money is a day’s time.

Loan Repayment

When you receive your offer it will have the information about your payback date for the loan and information on the different ways that you are able to pay the loan off. Many times our customers will choose to just have it taken directly out of their account that the money was deposited into.

Getting Started

The first thing that has to be done is to fill out our application that is no-obligation. This application is very straight forward and easy to understand. One good thing is that we will only ask for your information that is needed to be able to approve the loan for you. You can be assured that your personal information is secure

Reviewing The Offer

When you receive your offer it will have the information about your payback date for the loan and information on the different ways that you are able to pay the loan off. Many times our customers will choose to just have it taken directly out of their account that the money was deposited into.

Loan Enrollment

When you accept a loan offer, the money will be sent to the bank account that you specified. This usually only will take 1 day. The latest you will get your money is in 1 business day if you got approved on a weekday.

Implications of Late Payments

Individuals who do not pay their short term loans back on time may be subjected to additional fees and collection methods. These will be clearly noted by the individual lenders on their websites, so borrowers should be sure to review this information before providing their electronic signatures on any legally binding documents.

Implications of Non-Payment
  • Financial Implications – The fees for short term loans range from 15% to 40% of the total loan amount on loans of up to $500, and loans greater than $500 may have even higher charges associated with them. Borrowers should be sure to understand the additional charges associated with late payments, loan extensions and rollovers. Also, many lenders have additional charges for non-sufficient funds as well as tiered charges based upon the amount of time that the payment is overdue.
  • Collection Practices – Most of the lenders in our network perform their own collections and avoid the use of collection agencies. Loans are never sold and debtors are usually not sued; debt settlement plans that occur over time are usually offered, instead. Lenders must adhere to the regulations set forth by the Fair Debt Collection Practices Act, or FDCPA. These regulations can be found at the FTC website located here: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.shtm.
  • Impact on Credit Score – As with other forms of consumer debt, failure to repay short term loans in a timely manner may reflect poorly on the borrower’s credit. This is because our lenders have the right to file reports with credit rating companies when debts are not repaid, thereby negatively impacting the borrower’s credit score. After the loan has been repaid, the credit report will be updated.
  • Renewal Policy – Some lenders offer borrowers the option to automatically renew their short term loans if the funds are not available on the initial due date. Borrowers should read the terms and conditions of their loans carefully. The minimum renewal term is 15 days and additional charges will apply. Other options aside from automatic loan renewal include partial payments or payment in full.
APR

If you need quick cash, turn to short term loan lenders. Usually the APR on short term loans are slightly higher than average interest rates on loans – approximately 484.45%. With a returned check of $100 and an overdraft fee of $45 your APR will make up approximately 1251%. The credit card balance equaling $100 teamed with the $26 fee will make up the 678% APR. Lenders may also charge additional $50 for late bills. Nevertheless, short term loans are a great alternative for those who are short on funds.

APR Comparison Table

How does the APR for a single payment small dollar loan compare to other options? Compare your options for the cost of $100 extension of credit for
14 Days
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 1,173.21%
Overdraft Fee $30.00 782.14%
Late Fee $20.00 521.43%
Small Dollar Loan $10.00 260.71%
How does the APR of a small dollar loan compare to the consequences of being unable to obtain a small dollar loan? Consider the cost of a $100 extension of credit for
2 Days
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 8,212.50%
Overdraft Fee $30.00 5,475.00%
Late Fee $20.00 3,650.00%