Rates and Fees:

LumoLoans does not charge borrowers a fee for using our connection service. We do not make loans and do not set or control the rates, fees or terms offered by participating lenders.

Because LumoLoans is not a lender, actual rates, fees and APR depend on the lender you may be connected with. Loan terms can vary by lender, state and individual circumstances.

If a lender offers you a loan, the lender will provide the applicable rates, fees, repayment terms and other required disclosures for you to review before you decide whether to proceed.

Implications of Non-Payment

Some lenders may automatically roll over your existing loan for an additional two weeks if you don't pay back the loan on time. Fees for renewing the loan differ between lender. Usually these fees equal the fees you paid to get the initial payday loan. We insist that our lenders follow legal and ethical collection practices set by industry associations and government agencies. Please note that non-payment of a payday loan may adversely affect your credit rating.

Disclosure of Terms

The lender will provide a detailed agreement showing the loan amount, rates, fees, payment schedule and other applicable terms. Review the agreement carefully before making a final decision.

Loan terms and fees are determined by the lender. LumoLoans simply provides a connection service, so you should rely on the lender’s agreement for the complete terms of any loan offer.

Implications of Late Payments

Each lender has its own policy for late payments. Review the lender’s disclosures carefully so you understand any applicable fees, consequences or collection practices before accepting a loan.

Implications of Non-Payment: Some lenders may automatically roll over your existing loan for an additional two weeks if you don't pay back the loan on time. Fees for renewing the loan differ between lenders. Usually these fees equal the fees you paid to get the initial payday loan. We insist that our lenders follow legal and ethical collection practices set by industry associations and government agencies. Please note that non-payment of a payday loan may adversely affect your credit rating.

Disclosure of Renewal Policy

Extending or renewing a loan may increase the total cost of borrowing through additional interest or fees. Review the lender’s renewal policy and applicable state requirements before agreeing to an extension.