Annual Percentage Rate (APR)
Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a nominal yearly rate. It relates to the amount and timing of value received by the consumer to the amount and timing of payments made. LendPocket.com cannot guarantee any APR since we are not a lender ourselves.
Qualified customers can get a loan ranging from $500 to $5,000 with loan repayment terms between 6 months to 48 months in duration. The loan amount, repayment terms and APR that you receive will be based on your credit profile and lender or lending partner with whom you are connected. For example, a qualified borrower with good credit receiving a $2,000 loan for 12 months might see an APR of 12%, while a borrower with lower credit receiving the same loan amount for the same term might see an APR of 20%. See below for representative examples of loans and APRs.
While qualified borrowers may see APRs as low as 5.99% or as high as 35.99%, your individual credit history, income, and other factors will determine the exact APR you receive when connected with a lender or lending partner.
Before accepting a loan from any lender, be sure to read the loan agreement carefully as the APR and repayment terms may differ from the representative examples on this page. You may also incur additional fees such as origination or late payment fees, so be sure to review the loan agreement for specific details.
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Representative Examples of APR, Total Loan Costs & Fee
| Amount | Period | APR | Monthly | Total Paid |
|---|
| $2,000 | 12 mo | 24% | $189.12 | $2,269.44 |
| $4,000 | 24 mo | 12% | $188.29 | $4,518.96 |
| $6,000 | 36 mo | 12% | $199.29 | $7,174.29 |
Financial Implications (Interest & Finance Charges)
LendPocket.com is not a lender and we cannot predict what fees and interest rate will be applied to the loan you will be offered. It is your lender that will provide all the necessary information about the cost of the loan before you get approved. It is your responsibility to review the loan agreement carefully and accept the offer only if you agree to all the terms. LendPocket.com service is free of charge, and you are under no obligation to accept the terms that the lender offers you.
Implications of Non-Payment
When you accept the terms and conditions for a loan, you enter into commitment to repay the amount you owe according to the specific schedule outlined in the documents. In the event of non-payment, additional charges may be applied. Late payment penalties vary by lender, and as LendPocket.com is not involved in the lending process, we cannot supply any information on the fees you will incur if any default occurs. For more information, please contact the lender directly if you have any issues relating to your loan repayment.
Potential Impact to Credit Score
LendPocket.com is not a lender and we do not check your credit standing and credit capacity. When you submit a request at our online platform, this is considered a soft inquiry and does not impact your credit score. However, some lenders may carry out a credit check to ascertain your eligibility for a loan. Most likely they will turn to any of the three major credit bureaus (Transunion, Experian and Equifax) that is in most cases considered a hard inquiry and may affect your credit score.
Collection Practices
LendPocket.com is not a lender, broker, or arranger of loans. Always make informed decisions before entering into any financial obligation. As such, we are not involved in any debt collection practices and cannot make you aware of any of them. Your lender will specify their collection practices in your loan agreement. If you have any questions regarding the issue, please, address them to your lender. For more information visit our page for Responsible Lending. Consider these additional resources to learn more about your rights as a consumer: Federal Trade Commission, Consumer Financial Protection Bureau.
Loan Renewal Policies
Loan renewal options are not always available. Please review your loan agreement to understand the terms and conditions of your loan. Lenders may offer different repayment terms and criteria for loan renewal. Please borrow responsibly. Be sure to carefully peruse the renewal policy presented in the agreement before you sign the documents.
Be a Responsible Borrower
Thinking about borrowing money? Borrowing can be a smart financial tool when used strategically. However, it's important to be responsible to avoid long-term financial hardship. Here's your guide to responsible borrowing.
