DrCredit.com goes to great lengths to protect consumers from falling prey to unfair and illegal lending practices in the personal loan industry. Our efforts include
the actions listed below.
-We inform our customers of the entire lending process and what their responsibilities entail as a consumer. We also explain the many consequences that could arise as
a result of untimely payments being made.
-We conduct a budget analysis on each customer to ensure that the ability to pay back the loan is present.
-We treat our customers with the utmost respect and have a genuine concern for them.
-We have a strict code of conduct with all lenders that we work with and require that they follow responsible lending practices.
-We are committed to providing the highest level of service and customer satisfaction.
All lenders that have a business relationship with DrCredit.com are required to be fully licensed to provide personal/installment loans according to the laws in their
respective state(s). Because all lenders have their own terms and conditions, we recommend that you take the time to become familiar with the lender that we match you
with. This will prove to be very helpful just in case you should have any questions or concerns at a later date regarding your loan.
Your credit score is a number calculated using information from your credit history. The credit history information comes from credit reporting agencies. Credit scores
represent your credit worthiness and indicate the likelihood that you will repay a debt as agreed. Making late payments, missing payments, rolling over a payment, and
having too many credit inquiries witin a small period of time are all examples of actions that will negatively affect your credit score. Making payments on time,
repaying a loan, and not using over half of the credit limit available on credit cards are examples of actions that will positively affect your credit score.
As a borrower, you must completely understand the costs of making late payments on your loan. There are monetary costs as well as costs to your credit score and your
ablility to get a loan in the future. Monetary costs include late payment fees and higher interest rates. If you extend a loan, please understand that the principal
amount is what is being extended, not the finance charges. You will incur finance charges to extend a loan, in addition to the original loan finance charges. You
should contact your lender if for any reason you must deviate from your payment plan to ensure that you fully understand their specific payment and penalty policies.
Personal loans are only intended to be a short term tool and not a long term solution.
DrCredit.com urges our customers to make all loan payments on time. This will ensure a good credit history and alleviate any negative consequences should a loan be
necessary in the future. All lenders have their own missing payment guidelines, but it is highly likely that most lenders will begin collection efforts and abstain
from any future loan offers if a payment is missed.
Rolling Over a Payment
If you are unable to make a payment, some lenders allow you to roll over that payment. It is very important that you realize the negative consequences that this option
has on your credit score. It will also have the same interest charges as a missed payment.
Types of Renewal Policies
DrCredit.com works with numerous lenders, all of which have their own renewal policy and guidelines.
There are two general types of renewals:
-Unlimited Renewals are known for having the highest risk for borrowers and are allowed to constantly be renewed.
-Automatic and Borrower Intiated Renewals which have specific time limits and are required to be repaid when the specified time limit has been reached.
If a payment is missed and the lender has not been contacted, then collection is the next step that the lender will likely take. This involves being contacted by the
lender via phone, email, or mail. If their attempts to contact you fail, the account is usually handed over to a collection agency. This can have severe negative
consequences. It is very important that you understand all of your lender’s guidelines regarding repaying your loan to avoid any collection activity.