LOAN POLICY
Our Commitment to Transparent Lending
At Liquid Loans, we strive to make the lending experience easy to understand. We offer a variety of financial solutions to cater to each customer’s individual situation and need. Our premier financial product is the Installment Loan. Each payment on an installment loan covers both interest and the principal, making repayment easier. Installment loans with lower interest rates give our customers the peace of mind they deserve.
Understanding Our Loan Terms
We believe in complete transparency about our loan terms. Below you’ll find detailed information about our lending policies, rates, and practices. If you have any questions, our dedicated team is always available to provide further clarification.
Interest Rates and APR
Our loans carry the following rate structures:
Annual Percentage Rate (APR): 150% – 500%
Monthly Interest Rate: 11% – 40%
Your specific rate will depend on several factors, including:
- Loan amount requested
- Your repayment term selection
- Your income and ability to repay
- Your history with Liquid Loans
- Current state regulations where you reside
Repayment Terms and Flexibility
We offer flexible repayment schedules to accommodate your budget and income cycle:
Available Payment Frequencies:
- Biweekly (every two weeks)
- Semimonthly (twice per month)
- Monthly (once per month)
All installment loans include payments toward both principal and interest with each installment, ensuring your loan balance decreases with every payment. Unlike payday loans, where you might pay fees without reducing your principal, our structure helps you make measurable progress toward becoming debt-free.
Loan Products Overview
Installment Loans
Our flagship product is designed to provide manageable repayment terms while giving you access to the funds you need.
Key Features:
- Loan amounts from $300 to $5,000
- Terms from 3 to 36 months
- Principal and interest payment with each installment
- No prepayment penalties
- Quick approval process
Learn more about our Installment Loans →
Debt Consolidation Loans
Specifically designed to help customers break free from the cycle of payday loan debt by combining multiple high-interest obligations into one manageable payment.
Key Benefits:
- Combine multiple loans into one payment
- Lower your overall interest rate
- Create a clear path to becoming debt-free
- Simplify your financial life
Explore Debt Consolidation options →
Fees and Additional Charges
We believe in transparent fee structures with no hidden charges.
Standard Fees:
- Late Fee: $25.00 per late payment
- Returned Payment Fee: $25.00 for any returned or declined payments
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
Collection Practices
We understand that financial difficulties can happen to anyone. Our approach to collections is professional and respectful while ensuring the protection of our business interests.
Our Collection Process:
- All collection efforts take place in-house with our trained team
- We attempt to contact you via phone, email, and mail if a payment is missed
- We work to create reasonable payment arrangements when possible
- Only after multiple attempts to resolve the situation would further action be considered
In the event a borrower falls into non-payment despite our efforts to work with them, the following actions may be pursued:
- Small claims court filings
- Civil judgments
- Recovery of court costs and legal fees as permitted by law
Early Repayment Policy
Unlike many lenders, we encourage early repayment and do not charge prepayment penalties. Paying off your loan ahead of schedule can significantly reduce the total interest you pay.
Benefits of Early Repayment:
- Reduce total interest paid
- Improve your borrowing relationship with Liquid Loans
- Potentially qualify for better rates on future loans
- Free up your budget sooner
Frequently Asked Questions About Our Loan Policies
How quickly can I be approved for a loan?
Most applications receive a decision within minutes during business hours. With complete documentation, many qualified borrowers receive funding the same day they apply. Online applications submitted outside business hours will be processed the next business day.
What happens if I miss a payment?
If you miss a payment, a $25 late fee will be assessed. We’ll contact you to discuss the situation and attempt to resolve it. We always recommend contacting us proactively if you anticipate payment difficulties, as we may be able to work with you on alternative arrangements.
Can I pay off my loan early?
Yes! We encourage early repayment and do not charge any prepayment penalties. Paying off your loan ahead of schedule can significantly reduce the total interest you pay and may help you qualify for better rates on future loans.
How is my interest calculated?
Interest is calculated based on your remaining principal balance, so as you pay down your loan, the interest portion of your payment decreases. This means more of each payment goes toward reducing your principal as the loan progresses.
Do you report to credit bureaus?
While we don’t use credit scores for loan approval, we do report payment history to alternative credit bureaus. Consistent, on-time payments may help improve your financial profile with lenders who use these alternative reporting systems.
What documentation do I need to apply?
To apply for a loan, you’ll typically need:
- Valid government-issued ID
- Proof of income (recent pay stubs or bank statements)
- Proof of an active checking account
- Contact information
Can I change my payment date or frequency?
Yes, we understand that pay schedules and financial situations can change. Contact our customer service team to discuss adjusting your payment date or frequency to better align with your income cycle.
What states do you operate in?
We currently offer loans in Utah. Each state has specific regulations that may affect available loan amounts, terms, and rates.
Responsible Lending Commitment
At Liquid Loans, we are committed to responsible lending practices. We:
- Only lend amounts we believe customers can reasonably repay
- Provide clear, transparent information about loan terms
- Never encourage unnecessary borrowing or loan stacking
- Offer financial education resources to help improve your long-term financial health
- Maintain compliance with all applicable state and federal lending regulations
Need More Information?
Our team is ready to answer any questions you may have about our loan policies, rates, or application process. Contact us today:
Phone: (801)-890-0862
Email: [email protected]
Hours: Monday-Friday 10am-6pm, Saturday 10am-3pm
