All lenders claim to have the best loan rates. And by law, all lenders have to clearly state what their APR is, so that you can compare which lenders offer the best deal.
But some shady businesses have found a way around this law. They offer what seems to be reasonable loan rates, and hide extra fees and charges in the fine print of the contract! So you end up signing up for a loan and getting a much worse deal than you anticipated.
Did you know that some lenders want to charge you money just for making payments? Or for paying early? Or for repaying the whole loan?
The Best Loan Rates Undermined by Sneaky Fees
There are a lot of lenders who don’t want you to save money. Instead, they prefer to try and get all the money out of you that they can. Always be cautious about reading the fine print on your loan contract, and be certain you aren’t agreeing to the shadiest of shady business tricks – early payment fees.
Early payment fees are exactly what you think they are. Easily one of the more sneakiest ways for lenders to trick their clients, these are penalties they will force you to pay for the crime of repaying your loan quickly.
You may end up paying more in fees for your loan than the actual loan rates you agreed to. All because you tried to pay it off early, or to make an extra payment.
Here at NSL we do not believe in early payment fees.
In fact, we strongly encourage all of our clients to repay their loans as quickly as they can.
We offer the best loan rates we can to everyone we do business with. And we tell everyone the same thing – pay it down fast and save hundreds of dollars in APR! You are free to make extra payments, or to even pay the entire loan off at once. That is up to you. Regardless of what you choose, you will never be charged a fee for paying down your installment loan.