Lending Goals
At Violet Advance, our primary goal is to protect you from unfair lending practices. To achieve this, we are committed to:
- Providing Clear Information: We offer relevant data about the loan industry, your responsibilities as a borrower, and the consequences of missed payments to help you make well-informed decisions.
- Ensuring Clarity: We present information in a straightforward and understandable manner.
- Respectful Service: We treat every customer with the utmost respect and work diligently to deliver high-quality service.
- Enforcing Fair Lending Practices: We require our lending partners to adhere to fair lending practices.
Lending Partners
Violet Advance collaborates exclusively with lenders who are legally authorized and adhere to industry regulations. We strive to partner with reputable lenders to ensure you receive quality service.
Once you connect with a lender, we recommend reviewing their specific terms and conditions. Each lender has their own policies regarding interest rates, repayments, late payments, missed payments, and loan renewals. Make sure to understand these details to address any questions or concerns directly with the lender.
Impact on Credit Score
Your credit score reflects your creditworthiness and is based on data from major credit bureaus. Several factors can impact your credit score, including:
- Late payments
- Missed payments
- Loan rollovers
- Multiple credit checks by lenders
While having less-than-perfect credit may not necessarily prevent you from securing a loan, all loans are subject to credit approval.
Late Payments
We encourage timely repayment of loans. If you make a late payment, you may incur additional fees. Each lender has its own policy regarding late payments, so it’s important to review your loan agreement for specific details. If you anticipate being late, contact your lender as soon as possible to discuss your situation and explore solutions.
Missing a Payment
Timely loan repayment is crucial. Missing a payment can negatively affect your credit score and may lead to debt collection procedures. Review your loan agreement for details on your lender’s policy regarding missed payments. If you are unable to repay your loan, promptly reach out to your lender to discuss your options.
Rollovers
Some lenders may offer the option to roll over your debt if you cannot repay on time. However, rollovers often come with additional costs and interest rates, and may still impact your credit score.
Types of Renewal Policies
Our lending partners offer various renewal policies, generally falling into two categories:
- Unlimited Renewals: Allows for multiple renewals of your debt. This option can be costly and risky.
- Automatic and Borrower-Initiated Renewals: Offers limited renewal opportunities and may involve different terms.
Collection Practices
If you miss a payment and fail to communicate with your lender, they may initiate debt collection procedures. Typically, you will be notified by phone, mail, or email. Continued non-payment may result in your account being referred to a collection agency. Your loan agreement will outline the lender’s collection practices, so it’s important to read and understand this information. For questions about collection procedures, contact your lender directly.
Important Note
This information is provided to help you understand common lending practices and should not be considered legal advice. For specific details about your loan and its terms, please consult your lender.