Rates & Fees
MoneySparkle.com does not lend money. We provide you with access to a network of lenders and financial service providers we work with. There is no fee to use our online loan request.
Each loan provider in the network operates as a separate company and each establishes its own rates and fees. MoneySparkle.com does not determine the fees or interest on any loan, nor does MoneySparkle.com own any interest in or control any of the cash advance providers included in its network.
After you submit your loan request to MoneySparkle.com, it is reviewed by our network of lenders and financial service providers. If you are connected, the lender will send you detailed information about the loan offer, including interest rates, fees and repayment timeline, which you should review carefully. You are not obligated to accept a loan offer. Make sure you understand the interest rate and fees charged on a loan before you accept it.
As part of the Truth in Lending Act, loan providers must inform you of all fees and interest rates they charge on their loans. Please understand that you are under no obligation to accept the loan if you find these terms unacceptable.
Rates and fees for a short term alternative loan are typically higher than those you will find at a bank. The short alternative forms of credit provided by lenders in the MoneySparkle.com network are not meant for long-term borrowing and are usually paid back in full, including interest and fees, on your next payday.
Most bank loans cannot match the speed, convenience and easy credit requirements of a cash loan. Below are some reasons why cash loan providers charge higher interest and fees than most bank loans:
- Since cash loan providers have limited credit score requirements, the interest rate and fees reflect the higher risk that the loan provider is taking when lending you money.
- Most banks often require extensive documentation of your income and assets, but cash loan providers only require a recent paycheck stub, your checking account routing number and confirmation that you are over 18 years old.
- Most banks take at least a few days, if not weeks, before approving your request, but cash loan providers may approve your submission within minutes in most cases.
- After you accept the terms of a loan, the funds will electronically transfer directly into your checking account within a few days.
Some states have enacted laws regulating the interest rates and fees loan providers can charge borrowers; therefore, your state of residence may impact the rates and fees charged on your loan. It’s a good idea to review the laws regulating cash advances in your state to see if such a loan would be advantageous to you.