Welcome to NEIGHBORLENDER.COM. We are a family owned company creating an alternative to payday loans and predatory lending institutions. We do not give any loans here at NEIGHBORLENDER. We connect those with a need to those able to help. Flat interest rates over the entire course of the loan, helps keep debt undercontrol, YOU DECIDE WHO TO LEND TO AND WE SUPPORT YOUR INVESTMENT. In a world where fat cat bankers and golden parachuted corporations create an environment to nickle and dime the average consumer into bankruptcy, YOU are the alternative! Our goal is to offer a way for neighbors to lend to neighbors in a controled setting with the borrowers paying less on the course of the loan and the invester geting more for their investment. All loans are limited to $500.00 for six months, with the lender getting 10% interest. If you lend $500.00 your return will be from $550.00. Lenders are not limited to the amount of people they want to lend to. If you lend $1000.00 you get back $1,100.00 and so on. With our finance plan the lenders get a better interest rate for their investment and the borrowers get a substantial reduction to how much they will pay at a time when they need it the most. Why borrow from your neighbor? Well, . . . . concider the alternative: http://www.consumersunion.org/finance/paydayfact.htm . We want all our customers, whether they are borrowing or lending to stay informed. There is not a set APR interest rate set for any loans purchased through this site. All loans have a fixed interest of the original amount. This interest rate is set at 25% interest with the lender recieving 10%. There is a late charge of $100.00 due on the fifth day after the loan is due. The lender is entitled to 50% of the late charge and neighborlender.com is entitled to the other 50%. Both the lender and neighborlender.com reserve the right to impose this late fee at their discretion. If the borrower is unable or unwilling to pay he/she will be reported to the credit bureaus with any additional cost involved, added to the sum of the amount oweing. repayment of debted ballance will be forwarded to the lender (minus the collection fees, 15% interest on the loan and 50% of the late charge to neighborlender.com)
AT NEIGHBORLENDER.COM, EVERY LENDER WILL HAVE A CHANCE TO GIVE FEEDBACK THAT WILL BE ATTACHED TO A BORROWER'S PROFILE AND FOLLOWS THE BORROWER EVERY TIME HE/SHE REQUEST A NEW LOAN ON OUR SITE, THIS HELPS PROTECT YOUR INVESTMENT AS WELL AS ANY FUTURE LENDERS.
THIS BUSINESS IDEA AND FORMAT WAS CREATED BY/FOR THE FACT THAT WE HATE THE VICIOUS CIRCLES OF DEBT AND CREDIT AS MUCH AS THE NEXT GUY, BUT THE FACT REMAINS: PEOPLE WILL ALWAYS BE IN NEED, AND OTHERS WILL ALWAYS BE ABLE TO HELP. THIS IS NOT A CHARITY SERVICE, THIS IS NOT A HANDOUT. THIS IS A WAY FOR PEOPLE LIKE YOU AND ME TO HELP OTHER PEOPLE DIRECTLY AND AVOID FEES AND MIDDLE MEN AS MUCH AS POSSIBLE, AS WELL AS MAKE A QUICK BUCK, LETS FACE IT, 10% RETURN ON YOUR MONEY IS NO JOKE. BUT, NEITHER IS THE COMFORT OF SIMPLICITY IN KNOWING EXACTLY HOW MUCH YOU HAVE TO REPAY WHEN YOU AGREE TO A LOAN.
WE AT NEIGHBORLENDER ARE COMMITTED TO OUR COMMUNITY AND THE WELFARE OF OUR NEIGHBORS. WE ARE AN AMERICAN COMPANY COMMITED TO THE AMERICAN DREAM. WE DO NOT ENDORSE ANY SPECIFIC POLITICAL PARTY BUT ARE HAPPY TO PLEDGE 10% OF OUR INCOME TO THE COMMUNITY. WE ARE NOT A POLITICAL MOVEMENT OR A SOCIAL WELFARE PLATFORM BUT, WE DO THINK THERE IS A BETTER WAY TO HELP EACH OTHER WHILE MAINTAINING CONSERVATIVE CAPITAL IDEALS.
NEED CASH UNTIL PAYDAY? YOU CAN GET $50 TO $500 WITHIN 15 MINUTES! NO CREDIT CHECKS.
SOUND APPEALING? Today there are many companies offering to make "payday loans," "check loans," or "payroll advance loans." These are all just different terms for the same type of loan transaction.
If you are considering a "payday loan," keep reading…..
Before You Begin….
These loans are not an effective solution for your long term monetary needs!
Payday loans may be helpful when you are having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis. You should attempt to pay your loan in full when it matures. If you are unable to do that, you should make every effort to pay at least part of the amount financed before you renew the transaction.
Interest Costs you money!
It's important to pay particular attention to the interest rate on payday loans. The rate on a payday loan may be 500% per year or more. Borrowing $200 for 2 weeks at 500% will cost you $38.36. Compare this to borrowing $200 for 2 weeks at 36% ($2.76) or 12% ($.92).
If this loan is refinanced four times, the cost difference increases dramatically! In fact, it will cost you nearly $200 to borrow $200 for ten weeks:
YOU SHOULD AVOID TAKING OUT MULTIPLE PAYDAY LOANS!
If you already have one payday loan outstanding, you should avoid taking out another such loan. When you have more than one payday loan outstanding, you may find it very difficult to pay the required finance charge payments, much less paying all or a portion of the amount financed when the loan comes due. If you need a larger, longer-term loan, you should seek other, more traditional, lending sources.
PAYDAY LOANS: HOW THEY WORK
Payday loans work like this:
You fill out an application and provide the lender with items such as paycheck stubs and a photo ID.
You sign a loan agreement, write a postdated check to the lender, and receive your money.
Your check is held until your loan payment is due - usually two weeks. The lender then deposits your check - unless you have replaced the check or have already repaid the loan.
The loan agreement that you are required to sign is a legal document that obligates you to repay the loan. It also sets forth a lot of important information. Be sure to take note of the following items:
Amount Financed: The amount of credit provided to you or on your behalf. (This is typically the amount of cash you will receive.)
Finance Charge: The dollar amount the credit will cost you, or the amount of interest you pay for receiving the credit.
Annual Percentage Rate (APR): The cost of your credit as a yearly rate. Because these loans are small, short-term transactions, the APR is typically quite high. In most States, there are no laws that limit the interest rate that a lender can charge.
Total of Payments: The amount you will have paid after you have made all payments as scheduled. (This is the amount that you will write your postdated check out for.)
YOUR RESPONSIBILITIES
The loan agreement you sign legally obligates you to repay the loan. Make sure to read the contract before signing it and retain your copy for your records.
If you have not renewed the loan or paid it in full, make sure you have sufficient funds in your checking account on the due date of the loan so your check clears when the lender deposits it.
If you cannot or do not repay the loan, the lender can seek a money judgment against you for the face amount of the check and court costs; and, if they were disclosed in the contract, any late charges, interest after maturity, and NSF fees. Once a money judgment is obtained, a lender may attempt to garnish your wages.
Many lenders also list past due accounts with the credit bureau. This may affect your ability to get credit in the future.
OTHER CONSIDERATIONS
If you pay the loan in full prior to its due date you are entitled to a partial refund of the finance charge.
If you are married and your spouse does not sign the loan agreement, the lender is required to give your spouse a written notice that you obtained the loan.
Disclaimer: Neighborlender is not a credit counseling or debt consolidation company. We do not issue loans. We facilitate and connect individual to loan to individuals. All loans issued are the property of the issuing creditor. One loan may be owned by multiple creditors. A loan that has not been paid as agreed, will be subjected to collections and restitution may be collected through the individual purchasing the loan, by small claims or other legal means. All loans are subject to a late charge of $100.00 regardless of the amount, if late over five business days past the due date. TERMS & CONDITIONS
