Online Installment Loans from First Loan are a very expensive form of borrowing. You can save finance charges by paying off your loan early either in part or in full. Your loan is designed to assist you in meeting your short-term cash needs. It is not a solution for longer term financial problems. Non-profit credit counseling services are available in your community for consumers experiencing financial problems.
Prior to loan closing and funding, you will be provided with a loan agreement specific to your loan which will include a schedule of payments, APR and other terms.
- Minimum Loan Amount: $200
- Maximum Loan Amount for First-Time Borrowers: $1,500
- Maximum Loan Amount for Returning Customers: $5,000
The finance charge applied to your loan will be clearly disclosed, both in terms of dollar amount of interest and APR (Annual Percentage Rate) on your loan agreement. We provide accurate and comprehensive fee disclosures on your loan agreement in accordance with the Truth in Lending Act and other regulations. Late fees, NSF (Non-Sufficient Funds) fees and returned items fees may also be applied and are detailed in your loan agreement.
The below table is a sample amortization table for our installment loans, so you can see how rates and interest might be applied to your loan.
The sample amortization table below assumes a bi-weekly payment schedule, a $500 loan amount, and 14 days from the effective date of the loan to the first scheduled due date. Your schedule of payments, number of payments, finance fees, total payments and annual percentage rate may be different depending on several factors including your loan program, your pay date frequency, your loan amount, your choice on the wire option, the date of the loan and whether you choose to prepay the loan. Prior to loan closing and funding, you will be provided with a schedule of payments based upon your specific loan. APR and other terms will also be provided to you prior to loan closing and funding. Disclosures will be made according to the Truth in Lending Act guidelines.
Sample Rate Chart
|Loan Amount||Number of Payments||Total Finance Fees||Total Principal Payments||Total Payments||Annual Percentage Rate|
|Payment Number||Beginning Loan Balance||Finance Fee Payment Due||Principal Payment Due||Total Payment Due||Ending Loan Balance|
Note: To minimize the total cost of your loan, we strongly recommend taking steps to either pay off your loan in-full or to pay as much as possible in order to reduce the principal (original debt incurred) as quickly as possible. Remember – there are no prepayment penalties.
Due Date Options
Your first payment is due on your following pay date. If that day happens to fall on a weekend or holiday, the payment will be due on either the business day immediately prior to or the business date immediately following; this will be specified in your loan agreement.
If you need to change your payment schedule for any reason, you must notify First Loan at least two (2) business days prior to the next payment date you are scheduled to make.
You will be sent reminders via email outlining your due date options prior to the due date.
Applications processed and approved before 5:00 PM (PST) on Monday through Friday are typically funded on the next business day. Applications received after 5:00 PM (PST) may take two (2) business days to fund. In either case, your bank may add additional time for funds to clear and be made available to your bank account. Check with your bank for its transfer timeframes.
Please always remember to verify additional incoming wire service fees that may be assessed by your bank. Please check with your bank to verify that your account is eligible to receive wire transfers and when your bank will make the funds available to you.
Late / NSF Fees
If a scheduled payment is not made on the date that it is due, you will be subject to additional fees. If the payment is being withdrawn directly from your bank account and there is not sufficient money in your account to cover the amount due or the payment is dishonored by your financial institution for any reason, an NSF (non-sufficient funds) fee of $25 will be assessed. If any payment is late by more than 4 days after the due date, you will be responsible for an additional $25 late fee.
Collection and Use of Bank Account Information
If we extend credit to a consumer, we will consider the bank account information provided by the consumer as eligible for us to process payments against. In addition, as part of our information collection process, we may detect additional bank accounts under the ownership of the consumer. We will consider these additional accounts to be a part of the application process for underwriting and verification purposes only. We always obtain prior separate customer authorization when trying to obtain additional customer bank account information as a potential payment option.