Rates and Fees
There is no charge for submitting loan inquiries through 15M Loans, LLC. We don’t directly provide loan services to consumers because we are only a connection service. When you submit your information to 15M Loans, our automated system will search your vast network of lenders to find the lender and loan that best suits your needs. If you agree, you can view the quotation and apply it directly to the loan provider.
The fees and expenses you need to pay will depend on the lender, your state, the type of product you require, and the degree of risk associated with your request. It is your responsibility to read all quotes carefully and compare the interest rates and fees offered by different lending companies. The purpose of this page is to teach you how to evaluate the information you will get from lenders in an effective way.
Full Disclosure of Terms
When the matching lender approves your loan, they will usually direct you to the electronic signature page provided by the lender. Please note that the Truth in lending Act requires all lenders to fully disclose all fees and interest rates that the borrower may incur when approving the loan product.
The lender’s document must include all interest rate and fee information related to the cash loan. Before agreeing to the loan terms and signing, be sure to review all fees and expense information. You don’t have to accept these terms. If you think the terms of the lender agreement are acceptable and want to continue the loan process, please sign on the page and wait for your funds to be transferred.
What is an APR and How It is Calculated?
APR stands for Annual Percentage Rate and it represents the annual cost of the loan. The APR is calculated by adding all the fees and interest paid during the loan period, dividing by the loan amount and the number of days in the loan period, and multiplying by 365.
The loan provider determines the loan rate and the interest rate, and the specific amount is determined based on the information you send them. 15M Loans, LLC doesn’t know or control the detailed loan information. These are confidential and can only be shared between you and your lender. If you believe that the loan terms of a particular lender are unacceptable, you don’t need to continue the application process.
As mentioned before, 15M Loans is not a lender. Therefore, we cannot confirm the exact APR that will be charged to you. If you visit our website through paid Google ads, you will see payment terms ranging from 3 to 48 months, and an explanatory rate of 4.95% to 35.99% for eligible customers. Although some providers offer rates ranging from 5.99% to 35.99%, low APR rates only apply to certain customers. Payment terms apply to closed-end credit products and do not reflect all credit products available on our network.
Fees and Charges
In addition to the interest rate applicable to payday loans, another factor that increases costs is the commissions and fees incurred by using payday loans.
Late payment fees and penalties
Late payment policies vary from lender to lender, but they must disclose this information to you as part of the loan process. We recommend that you carefully review the overdue payment terms detailed in the loan documents provided by the lender. All lending companies must comply with applicable laws, rules, and regulations regarding late payment fees.
Unpaid fees and charges
If you don’t manage to repay the loan, you may have to pay additional fees or charges. 15M Loans, LLC strives to only cooperate with reputable lenders who are committed to fair and reasonable collection activities.
Fees and costs for loan renewal
The conditions related to the renewal of loans are mainly based on national regulations. Some states allow extensions and/or extensions of payment, and may charge fees and finance charges, which can significantly increase the final cost of your loan. Pay attention to the laws and regulations in your state regarding renewal and postponement. Read all the terms of the lender’s agreement in their entirety. Before signing a loan agreement, make sure you have a clear understanding of how your loan renewal options affect the cost of your loan.