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Some of the lenders in our network may automatically renew your short term loan if it becomes past due. This term is clearly identified in your loan agreement. You should check your loan agreement for your lender's policy on automatic loan renewal prior to e-signing it.
If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments. Legal Disclaimer: This website does not constitute an offer or solicitation to lend. LoanSolo. com is not a lender and does not make loans or credit decisions.
Borrowers can take more than one loan. However, you are not allowed to renew or extend the term of a loan since all loans should be repaid on time. You can take a new loan while still repaying the old loan as long as you pay 25for the latter. Of course, this would mean additional fees. ItвЂs always vital for a borrower to be very attentive to details and thoroughly read the fine print. Ensure you underrated all the details of a loan before signing anything. Since there are no strict requirements for Louisiana payday lenders to publicize its terms and conditions.
Any criminal action against you if you fail to pay is considered illegal. These loans are meant to protect you from predatory lending tactics.