The term signature loan is often interchanged with personal loan. Some people also call it loan of good faith as lender banks on your good faith to pay the loan and nothing more. Regardless, a signature loan is an unsecured loan that typically has so few qualification requirements that all you need to qualify is your signature and the promise that you’ll repay the loan. A signature loan allows you to borrow a larger amount of money than a payday loan and you can pay it back over a longer loan term. You can then use the loan for any purpose such as celebrating your anniversary, going on vacation, funding education or consolidating your debt.
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The CFPB has issued several enforcement actions against payday lenders for reasons such as violating the prohibition on lending to military members and aggressive collection tactics. The CFPB also operates a website to answer questions about payday lending. In addition, some states have aggressively pursued lenders they felt violate their state laws.
LoanSolo.com is not a lender and does not provide short term or online personal loans but refers consumers to the lenders who may provide such loans. LoanSolo.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs depend on multiple factors, including the lender’s requirements and offers, your credit worthiness, your state of residence, and the type and term of the loan you request. You will be given the details on the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement during the loan request process.
We are also proud members of the Community Financial Services Association (CFSA), following their guideline of best practices. The CFSA is the national payday loan trade association in the United States that aims to work with lenders and consumers to protect the rights and access to short-term credit. As members of this organization, we promise to uphold these guidelines.
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative record can be reflected on your credit history indefinitely until the loan is repaid in full. After the lenders receive payment in full, they can report it to the credit reporting agencies. We remind that late payment or non-payment of your loan can have negative impact on your credit history.