Implications of Nonpayment. Financial Implications вЂ The cost associated with short term loans of up to 500 can range from 15 to 40, and these costs may climb even higher for loans that are greater than 500 in value. Before you sign your agreement, you should check these fees carefully. Similarly, there may also be charges applied for nonsufficient funds. As an example, if your 100 loan is 15 days past due, you may be assessed a charge that is equal to 10 of the principle balance as well as a 25 nonsufficient funds fee.
Many of the lenders in our network stick with in-house debt collection practices rather than selling your debt to an outside collection agency, and they will never sue you or threaten criminal charges against you.
Your lender may attempt to collect your debt via email, postal mail, telephone, or text message, reasons for taking personal loan they may offer you a settlement so that you can repay your debt over time. All of our lenders are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment.
You can contact your lender for more information about its specific policies.
Figure 2: Payday loans: Make sure you pay on time. The infographic Payday loans: Make sure you pay on time. is illustrating an example of what can happen when you take out a payday loan and you dont pay on time.
You need 300 for car repairs. You get a 300 payday loan for 2 weeks. Over the 2-week period, youll pay 63 in charges.
Attend a regional Business Planning with Microfin course. I plan training courses in Central America, South America, USA, Europe, Africa, and Asia each year. I can also be contracted by country MFI associations, MFI apex networks, or individual organizations for specific courses reasons for taking personal loan of those that I have planned. The current list of courses is located under the "Training" tab above.
Participate in an internet based Microfin course. I plan two internet Microfin courses each year, roughly in June and December. The cost is half of the in person course but lacks the personal interaction with other participants. These internet courses are also listed under the "Training" tab above. Download to your computer for watching later, or click on the the instructional videos produced 11 years ago and watch them directly from this website. These videos, along with the Microfin software, are available under the "Resources" tab above.