List Of Loan Apps That Force Repayment Before Due Dates

With the focus on a cashless economy, it is only natural that such an economy would also include lending. There are so many loans available today, making it easier than ever to get a loan if you have the right credit score and enough equity in your home.
The rise of lending as a concept has led to an explosion in the number of loan apps available on both desktop and mobile devices. However, not all loan apps are created equal. Some loan companies offer loans with restrictive repayment schedules that force borrowers to repay their loans before their due dates. It can be difficult for some borrowers to understand why certain lenders require repayments before specific dates rather than at the end of each term. In this article, we will go over some of the most restrictive repayment schedule loan apps that you should avoid if possible:

Fair Credit Loans

The Fair Credit Loans app is designed to provide loans of up to $10,000. The loan repayment schedule varies depending on how much you borrow. For example, a borrower who borrows $750 will repay their loan with 25 monthly payments of $25 and then make two final payments at the end of the term.
On the other hand, a borrower who borrows $10,000 will receive 44 monthly payments of $50 and then make two final payments at the end of the term.
That means that borrowers who borrow more than $10,000 will have to repay their loans more quickly than borrowers who borrow less than this amount.
Because of this arrangement, it can be difficult for some borrowers to get out from under their debt as they have to pay off their loans in fewer terms or even sooner than expected.

Payday Loans

Payday loans are traditional short-term, high-interest loans that are designed to help people who have a shortfall in their monthly income. These loans typically come with an 18- to 28-month repayment schedule. The loan amount is usually around $100-$1,000 and can be paid back over three months. Payday loans like this can be very difficult for customers to repay as the loan is repaid over three months, which means it requires a payment of nearly $100 at the end of each month.

CashNetUSA Loans

CashNetUSA was founded in 2002 and is one of the largest online direct lenders. Their loan services include:
– Home equity loans
– Home improvement loans
– Auto loans
– Small business loans
CashNetUSA’s website allows for borrowers to apply for a loan without having to go through the time and effort of visiting a branch. This service saves borrowers time, but it also makes the app more restrictive because borrowers no longer have the option to repay their loan early or on time. CashNetUSA has loan repayment schedules that require payments within three months after borrowing. If you take out a CashNetUSA loan, make sure you don’t fall behind before your due date.

USA Bank Loans

USA Bank loans may sound like an ideal solution for borrowers, but there is one major drawback of these loans. Some lenders require a borrower to repay their loan before the due date even if they have made their payments on time and in full. In other words, if you take out a $1,200 USA Bank loan with a repayment plan of 10 monthly payments, then you will be required to pay the first month’s payment before your loan has been repaid in full. If you are unable to make this payment on time, then your loan will be charged late fees and interest rates could increase significantly.
Another issue that arises with USA Bank loans is that they have strict requirements when it comes to tax forms. The bank requires all borrowers who take out loans under $10,000 to submit all tax forms each year within certain deadlines. If you fail to meet any of these deadlines, then your loan may be turned down or it may be subject to an additional charge or interest rates could increase significantly.
Some final drawbacks for borrowers are that USA bank loans do not offer flexible repayment schedules and there is no origination fee on new borrowers.

Wells Fargo Loans

As a company, Wells Fargo has been around for over 160 years. The company offers many different lending options and one of their more popular loan products is the home equity line of credit.
The way this product works is that customers take out a loan against their home’s equity to purchase items like televisions, computers, or furniture at some later date. There are two repayment schedules available with this product: one is an interest-only schedule which leads to the customer paying less overall in interest than if they had used a traditional repayment schedule.
This type of payment schedule leaves open the possibility for additional debt because it allows borrowers to pay less in interest and still owe what they originally borrowed. With this product, customers have the option to use either an automatic or manual installment plan which determines the length of time you will have to repay your loan.

Conventional Loan Apps

Conventional loan apps have a term length of one to three years, with the option for a six month extension. This is what most borrowers envision when they think about getting a loan. They will be able to repay their loans at the end of each term without any restrictions.

Conclusion

Although the loan application process can be intimidating, it doesn’t have to be. With the right loan app, you’ll be able to gain access to a loan without having to worry about the tedious documentation that typically comes with a traditional loan.

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