Rates & Fees
How Nation21 Operates ?
We are a matching service for borrowers and lenders, and do not provide money itself. While we strive to find companies that offer the best cash loans, borrowers should obtain specific information about fees, charges, repayment periods and interest rates from the lender. The lender is required, under federal law, to disclose all rates, terms and costs associated with the loan prior to agreement finalization. Borrowers should discuss the interest rate—which may or may not be the same as the Annual Percentage Rate (APR)—with the lending institution.
Annual Percentage Rate – APR
Annual Percentage Rate (APR) refers to the percentage of interest that you would end up paying on a loan over a one-year period. In general terms, payday have a relatively higher APR over because they are pad over a short period of time and with little or no security.
Nation 21 cannot quote a specific APR rate because it is not a lending agency. The various lending companies in our network set their APR individually and independent of our influence. As such, the APR on your loan depends on your lender and the terms guiding the specific loan you secure.
Other factors that affect the APR include:
- The personal financial information you provide
- The loan amount you are seeking to borrow
- The period over which the loan will be repaid
- Amount paid per installment
- The interest rate
- Costs and fees associated with your loan
- The state
When these factor taken into consideration, the APR on loans provided by our lenders may range from 200% to 1825%. Normally, small loans paid over a short period attract higher APRs.
It is the lender’s duty to communicate details of rates and fees to the client. Once you have been paired with a lender, they are required to present you with a loan offer together the exact terms. The terms will include the APR as well as any other fees and charges applicable to the loan.
Nation 21 loans is fully committed to protecting borrowers as stipulated by the OLA Responsible Lending Policy. We urge borrowers to carefully read all documents provided by the lender and fully understand their responsibilities under the loan contract. The borrower is also advised to understand their right especially the right to all information pertaining to rates and fees. Your lender is supposed to disclose all charges and fees payable as per the contract.
Failure to Repay
If you are unable to repay your money, your company may agree to extend the repayment period or renew the loan, but these options often require prompt action by the borrower. If your inability to pay is related to an emergency or life change, your lender may be willing to adjust the terms of the loan. It is best to notify the credit provider as soon as these life changes occur. Without immediate action, the lender may also charge additional fees, increase interest rates or report you to a credit-reporting agency. A report to a credit bureau may lower your credit rating and make obtaining credit more difficult or expensive. In some cases, a lender may choose to utilize a collection agency to obtain due money.
The possible actions that a lender may take in response to failure to repay are described in the agreement. Borrowers should read and understand these possible responses to missed, partial or late payments. If you do not understand these terms, be sure to discuss them with your company prior to signing the loan agreement. Nation 21 is not a lender. We do not offer mediation services and cannot intervene if you fail to fulfill your responsibilities as a borrower.