Rates and Fees

Our aim at LendMe1000 is to be your lifeline during a financial emergency and your solution when you need cash upfront. To avoid adding to any financial struggle, your income and employment status will be assessed.

Just because our fast and efficient online system allows you to walk away with a $1,000 loan very fast, doesn't mean it isn't an important financial undertaking. Online installment loans carry all the same risks and obligations as a personal loan you'd get from a bank, so they're not to be used on a whim or to pay off existing debts. It is the borrower's responsibility to ensure they are in a situation where they can repay the loan as per the agreed schedule.

If you currently have a lot of outstanding debt and are looking for a short term fix, LendMe1000 is not the option for you and we encourage you to search for another solution. If however your debt level is low and you meet the basic requirements, such as being over 18 and a legal US citizen, then an installment loan may be just what you need.

Interest Rates

There is always a cost when taking out credit. The convenience of our lenders' loans and the lack of collateral means the interest rates might be higher than some other types of loan. However it is your personal situation that plays the largest role in the rate you will be offered. This is based on your income level, amount of debt already outstanding, credit history, the amount you wish to borrow and the length of time you wish to pay it back in. Generally speaking the shorter the term the higher the rate. Yet even if the rate is lower a longer term may end up costing more in the long run.

Interest on installment loans is represented as an Annual Percentage Rate (APR). This is the percentage of the principal that you would pay in interest in one year. For example if you borrowed $2,000 (the principal) at an APR of 20%, you would expect to pay $400 a year in interest. If the loan term was 2 years, the total amount of interest would be $800, or at 6 months it would be $200.

The total amount of interest is spread across each installment. So if your repayment schedule is monthly over the span of one year, you would divide the $400 by 12 (months), which equals $33,33. So in this example you would expect to pay roughly $33,33 in interest every month. This monthly sum is sometimes called the finance charge.

(Note these are examples, real interest rates may be higher or lower).

Full Disclosure

As stated in the Truth in Lending Act lenders are required to fully disclose the interest rate, other potential fees, and the payment schedule of a loan before you accept it. This means you will be made fully aware of how much the loan will cost, giving you the option to walk away with no obligation. Before the loan agreement becomes legally binding you will have to digitally sign it.

Late or Non-Payment

Before accepting a loan and after the money has been deposited it is your responsibility to ensure you fully understand the terms and abide by them. Missing a repayment or stopping paying altogether may result in late fees (depending on your state) and mounting interest for the time the debt remains outstanding.

Collection proceedings may also be taken out against you, which may involve emails, letters and phone calls, and in some cases a civil suit. If it reaches this stage at the least you will have to pay court costs.

This will also negatively impact your credit rating, making it more difficult to get loans and other credit in the future, because lenders will deem you a risk.

Renewals and extensions are dependent on various factors, including local state legislation. In states where the debt can be rolled over, extra interest and late fees can be applied.

Early Repayment

If you have the funds to repay the loan in full with several installments still left to go, you may be permitted to repay early. While this will save you on interest (as you won't have to pay interest on the remaining installments) there may be a small early repayment charge.

Wan to learn more? Check out our FAQ page for answers to commonly asked questions, or jump straight to the form and get started now!

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Consumer Notice: Short-term loans are not a long term financial solution. Borrowers facing debt and credit difficulties should seek professional financial advice. Borrowers are encouraged to review local laws and regulations governing short-term loans.

Availability: This service is not available in all states. Please review local laws and regulations for availability in your particular state. The states this website services may change from time to time without notice. All actions taken on this site, or legal concerns addressing this site, are deemed to have taken place in Nevada, regardless of the location from where you access this site.

Disclaimer: This website does not constitute an offer or solicitation to lend. The operator of this website is not a lender and does not make credit decisions. Rather, we provide a marketplace service where we connect you with lenders in our network. We cannot and do not control the actions or omissions of lenders in our network. We are not an agent, representative or loan broker to any lender and we do not endorse any particular lender. Our marketplace service is always free to you. If you are ever asked to pay a deposit or advanced payment in order to get a loan, you should not proceed.

You are under no obligation to use our marketplace service to initial contact with or apply for a loan with any lender.

Subject to our Privacy Policy (which you should carefully read and understand), we will transfer your information to lenders in our program and to other service providers and marketing companies we do business with. We do not guarantee that you will be connected with a lender or obtain favorable rates or be approved for a loan by completing a form on our site.

Participating lenders may verify your social security number, driver's license number or other federal or state identification, as well as review your credit worthiness through national databases that may include Equifax, Transunion, Experian and other credit bureaus. By submitting your information to us, you agree that lenders may obtain such credit reports and verify your information.

Not all lenders can provide you with a loan. If you are approved, you will receive funds according to the lender's funding practices which vary from lender to lender. Repayment terms also vary from lender to lender and may be affected by state law. If you have questions about the loan terms offered to you, or about a loan that has funded, please contact the lender directly. We are not a lender and cannot give you loan-specific information.

You will not be charged a fee for using our service. Loan-related fees are controlled by the lender and will be disclosed to you before you accept the loan. If you do not want to incur loan-related fees or you are unable to repay your loan, do not accept the loan.