Terms And Conditions Of Use

Effective date: October 17, 2022

These Terms and Conditions of Use are the formal agreement between businessfinancenews.com (hereinafter we, our, ours, us, Company) and a user (hereinafter User, Users, You, Your, Yours) of the Website (hereinafter Website, Site), who continues to exploit the Website and attempts to use the services presented by the Company. The Terms and Conditions of Use regulate the relationship between the stated parties in point of the use of this Website.

The Company is not a lender, nor does it represent any financial organization/entity, originate financial products and services or make credit decisions. The Company operates as a search and match service, as it contracts with a network of independent third party lenders and financial organizations that can provide credit products. Thus, the Company can connect the Users of the Website with the lenders from its network. In order to get access the services provided by the Company the User of the Website needs to complete the online registration form.

We encourage all the Users of the Website to read these Terms and Conditions of Use, as further exploitation of the Website, the use of the services on the Website and submission of personal information attempting request imply that You have read and understood these terms and other documents regulating the use of the Website, including but not limited to the Privacy Policy.

The use of the Website is available only for the residents on the USA of legal age. By continuous use of the Website You confirm that You are at least 18 years old and reside in the US. The services provided on the Website are not available for the residents of some states, including, but not limited to Arkansas, New York, West Virginia and Vermont due to specific regulations regarding online personal lending in these locations. The list of states is subject to changes. Please, check the status of Your state on Rates and Fees page using the links to authority Websites, which contain the recent and up to date information regarding online personal lending in the USA.

If You do not accept these Terms and Conditions of Use, please, cease using the Website by exiting its pages.

Company Services

As mentioned above the Company is not a lender and does not make credit decisions, rather connects its Users with independent third party lenders, who can provide the Users with personal loans of up to $3,000 (the amount of available loans depend on the regulations in each state). Since the Company has nothing to do with the credit decisions third party lenders make, the decision to approve Your request, as well as the amount and terms of the offered loan products are exclusively made by loan providers and depend in each individual case on many factors. The Company cannot guarantee that Your attempt to be matched with a lender will result in the approval of Your request, or that You will be offered the desired amount on the desired terms. Not all the lenders in our network can provide loans of up to $3,000.

We encourage every User of the Website who has doubts about any particular loan offer or online personal lending in general to seek professional consult and support, as this form or lending is a relatively expensive form of credit and remains effective only if used for reasonably. Keep in mind, that the Company has nothing to do with the terms of any particular loan offer or credit product, thus, takes no responsibilities for the decisions third parties make and cannot provide information regarding any particular credit operation.

Your continuous use of the Website implies that You accept these Terms and Conditions of Use and other governing documents of the Website and acknowledge that the Company takes no responsibility for financial or non-financial damages or costs associated with Your communication or cooperation with any third party lender we can match You with.

In order to use the services provided on the Website You need to register via online form by submitting Your personal, contact, employment and financial information, including but not limited to Your sensitive information such as SS number and banking account details. This information is used to perform search and match service and connect You with one or more third party lenders the Company contracts with who can approve Your request and provide You with a loan product according to the information You state in the online form. These procedures require sharing of Your information with third party lenders. We collect, store, share and use the information You submit according to the provisions stated in the Privacy Policy, Responsible Lending Policies and Marketing Practices on this Website. When You submit Your information You expressly confirm that You have read and understood and willingly agree to the provisions of the mentioned policies and practices, as well as these Terms and Conditions of Use. Your information submission on the Website is considered as a request to match You with one of the third party lenders we contract with. Thus, the third party lenders we share Your information with are authorized to contact You via email, telephone, direct mail and other media in order to provide You with financial product offers You expressed Your interest in. We also can share some of Your personal information (excluding SS number and banking details) with third party marketers we contract with, as well as Your lender may share this information with third party marketers for the purpose of offering more financial products You may have interest in.

Your SS number and other personal information can be used by third party lenders we contract and share Your information with in order to perform credit verification to determine Your credibility and make decisions on providing You with financial products and services You expressed Your interest in.

The Company cannot guarantee that You will be approved of or provided with the products matching Your requirements and/or provide any information on particular credit products and services presented by third party lenders we contract with. For any information regarding financial products and services or any particular transaction You should contact Your provider directly.

Authorized Use and Proprietary Rights

The Website can be used only according to these Terms and Conditions of Use and other terms that regulate the operation of the service. The content on the Website is protected by the copyright. Any unlawful representation, use or reproduction of the content is strictly prohibited. Violation can lead to legal actions. The use of the content on the Website for commercial purposes is unlawful.

Company retains the impartible ownership rights for the content on the Website (including but not limited to digital records, videos, pictures, texts, logos, trademarks and other assets), which is protected by the copyright and regulated by the Intellectual Property laws in the United States. The Users of the Website are not granted the ownership of anything present on the Website. Any reproduction, duplication, resale, copying or other exploitation of the content, arrangement, organization, and design is considered illegal, and hence such actions are strictly prohibited.

Disclaimer of Warranties

THIS SITE AND THE SERVICES OFFERED BY THE COMPANY ARE AVAILABLE “AS IS” AND ON THE BASIS OF STATED AVAILABILITY. THEY ARE ACCESSED AND USED AT YOUR OWN RISK AFTER UNDERSTANDING THE TERMS OF USE. THIS COMPANY MAKES NO WARRANTIES OR GUARANTEES WHATSOEVER WITH THE SERVICE OR ANY PRODUCT, AND THEY ARE SUBJECT TO CHANGE WITHOUT ANY PRIOR NOTIFICATION. THE COMPANY DOES NOT GUARANTEE THAT ITS PRODUCTS WILL MEET YOUR REQUIREMENTS AT ANY GIVEN POINT IN TIME OR THAT THE SERVICES OFFERED BY THE COMPANY WILL BE UNINTERRUPTED, SECURE OR ERROR-FREE. THE SOFTWARE AND OTHER TECHNOLOGIES USED BY THE COMPANY MAY COME WITH ERRORS THAT WILL BE CORRECTED BY THE COMPANY WHEN POSSIBLE. THE COMPANY DOES NOT GUARANTEE THAT ANY THIRD-PARTY SOFTWARE, WEBSITES AND TOOLS WILL BE SECURE OR ERROR-FREE. AS A RESULT, THE COMPANY WILL NOT ACCEPT ANY LIABILITY ARISING OUT OF SUCH ERRORS OR PROBLEMS. THIS COMPANY HAS NOT REVIEWED OR VERIFIED THE LINKS OF THIRD PARTY LENDERS AND OTHER THIRD PARTIES PRESENT ON THE SITE. IT IS UP TO YOU TO VISIT THESE THIRD PARTY LINKS AND ACCEPT THE PRODUCT OR SERVICES OFFERED BY THEM. BY VISITING SUCH LINKS, YOU ARE AT YOUR OWN RISK AND THE COMPANY IS NOT LIABLE FOR ANY LOSSES ACCRUED TO YOU THROUGH SUCH ACTIONS.

Limitation of Liability

THE COMPANY IS NOT RESPONSIBLE FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR ANY OTHER FORM OF LOSS OR DAMAGE THAT YOU MAY BE SUBJECT TO DUE TO THE USE OF THE SITE AND THE SERVICES PROVIDED BY THIRD PARTY SERVICE PROVIDERS WHO HAVE CLAIMED THEMSELVES AS LENDERS AND CAN BE MATCHED WITH UPON REQUEST. THE TOTAL LIABILITY OF THE COMPANY IN THE CASE OF ANY LOSS OR DAMAGE CAUSED TO YOU BY THE USE OF THE WEBSITE IS LIMITED TO THE EXTENT OF MONEY YOU HAVE PAID TO ACCESS OR USE THIS SITE.

SOME JURISDICTIONS DO NOT RECOGNIZE OR ALLOW THE EXCLUSION OF CERTAIN SPECIFIC WARRANTIES SUCH AS INCIDENTAL OR CONSEQUENTIAL DAMAGES, AND IN SUCH CASES, THE COMPANY WILL ADJUST OUR LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY LAW.

Implication of Privacy Policy in Marketing Activity

When You submit Your information on the Website, You expressly agree that the Company can share and use Your information for marketing purposes according to the provisions stated in the Privacy Policy of this Website. The information You provide can be shared with third party lenders and marketers the Company contracts with. If You want Your information to be excluded from our database, You can contact us directly and make respective request. In case You need Your information to be excluded from any third party database or list, You should contact this party individually.

Third Part Websites

The Website may contain links to third party websites and information regarding the services of these third parties. The Company in no way takes responsibility for the content of the third party websites and the accuracy of the information they provide, nor does the Company represents or endorses any of third party website it connects its Users with. The User of the Website accepts all the risks concerning their access to third party websites through the website and in no way claims the Company liable for the consequences associated with the use of third party websites they link via the Website.

Disputes

The disputes that arise directly from the use of the Site or any service presented on the Site are subject to the provisions of the state legislation originated in the state, which licenses or authorizes the service or business activity of the service or the Company. All such disputes should be legally incorporated in the form of official complaint sent for arbitration to the corresponding association or institution authorized to resolve such cases in accordance with state and federal rules and regulations that are in force at the time of dispute submission. All disputed that arise between the User and the Company are can be processed and resolved only through arbitration in consideration with the terms set herein. By agreeing to these Terms and Conditions of Use, You confirm that You expressly reject Your right to represent Yourself individually or through legal counsel in front of any judge or court, and You waive Your right to join class action suits against the Company.

The maximum compensatory damages, assigned by the arbitrator, authorized by the American Arbitration Council to monitor the dispute mentioned above, cannot exceed the maximum of the damages claimed by the complainant (the User). Additionally, no punitive, incidental and consequential damages can be awarded by the arbitrator on the dispute as You waive Your right on claiming responsibility for these damages as well. The results of the arbitration are binding for the User, however, the Company may choose to file an action to any court within the jurisdiction to handle such cases in lieu with this alternate dispute method.

If You reject to these arbitration clauses, then You should send a letter in writing to the Company within ten days (10) after accepting these Terms and Conditions of Use. You must send the request to: businessfinancenews.com. The letter should clearly have Your first and last name, telephone number, address and email address along with the statement “I reject the arbitration clause of the Company stated on its Website on its Terms Conditions of Use page.” In case You reject this provision, You are obliged to bring up a legal case to any court authorized to handle this case within one (1) year after the damage was determined. After the stated term the claim will be deemed void.

Export Restriction

The residents of these countries have no access to the services and products of the Website due to embargo conditions: Syria, Iran, North Korea, Cuba, Iraq, Libya, Sudan and any other country that US has embargoed goods and services. Additionally, the service and products of the Website are not available for the following category or Users: the ones who belong to United States Treasury Department’s list of Specially Designated Individuals or US Commerce Department’s Table of Denial Orders.

Your continuous use of the Website and its services and Your registration on the Website with consent to these Terms and Conditions of Use is deemed as Your warrant to belong to any of the categories mentioned in this clause.

Indemnification

Your continuous use of the Website and the services of the Company is deemed as Your indemnification to the Company, its parent Company, subsidiaries, affiliates and each of its individual members, directors, employees, agents, bankers, co-partners as harmless and confirm no claims or liabilities may be brought by You due to: i) Your improper or unreasonable use of the Website, ii) Your breach of these Terms and Conditions of Use or iii) any dispute between You and any third party. The provisions of this clause may be asserted in case of the respective dispute or claim brought by You.

Complete Agreement

The provisions of these Terms and Conditions of Use collectively compile the complete agreement between the User of the Website and the owning Company and should be accepted as determining the entire understanding of the regulations governing the relations between the mentioned parties. The agreement supersedes any and all related prior information or notices. In case of discrimination or violation of any provision, the complete agreement and other provisions remain in force.

Modifications and Updates

The Company reserves its right to make changes, amend and update these Terms and Conditions of Use without prior notice. All the updates and changes come into force immediately after published on the Website unless the effective date is scheduled for the future term. As soon as the information is updated, the effective date is changed to the date of the most recent update. We encourage all the Users of the Website to check the effective date of this and other legal documents on the Website regularly. We reserve the right to notify the Users of the Website on the modifications using email or other media according to the provisions of Privacy Policy.

Severability and Termination

In case any of the provisions in this document are determined as unlawful or out of date, or in any way contradict any related regulations which prevail these terms, such provisions will be severed, but the remaining terms and the Terms and Conditions of Use as a complete agreement will continue to be in force. In case any of the provisions of this agreement are failed to enforce by the Company, this failure is not constituted as a waiver of the other provisions of the document, nor does it rescind the rights of the Company.

The Company reserves its right at its sole discretion to terminate or deny of Your access to the Site in case of Your violation of any of the terms and regulations stated on the Site or applicable laws and regulations concerning the use of the Site. You may terminate the agreement at any time by ceasing the use of the Site, nonetheless upon termination the applicable provisions will survive.

Headings

The headings present in these Terms and Conditions of Use are for understanding purposes only and will not alter or rescind the meaning of the provisions contained in this document.

Contact Information

In case You have a request, complaint or enquiry regarding the services provided by the Website, You can contact us via this email contact@businessfinancenews.com or address. In case You consider Your issue treated improperly, You can also contact the corresponding organizations in Your state of residence authorized to review or resolve the cases of the kind.

BY USING THE WEBSITE, YOU AGREE TO ABIDE BY THE ABOVE TERMS OF USE

WE RECOMMEND TO PRINT THE TERMS OF USE AND RETAIN THE COPY OF THE AGREEMENT FOR YOUR RECORDS

Old Version Of Our Terms Of Use

Who we are

Our website address is: https://businessfinancenews.com.

Terms and Conditions Welcome to Businessfinancenews! By accessing this website we assume you accept these terms and conditions in full. Do not continue to use Businessfinancenews’s website if you do not accept all of the terms and conditions stated on this page. The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and any or all Agreements: “Client”, “You” and “Your” refers to you, the person accessing this website and accepting the Company’s terms and conditions. “The Company”, “Ourselves”, “We”, “Our” and “Us”, refers to our Company. “Party”, “Parties”, or “Us”, refers to both the Client and ourselves, or either the Client or ourselves. All terms refer to the offer, acceptance and consideration of payment necessary to undertake the process of our assistance to the Client in the most appropriate manner, whether by formal meetings of a fixed duration, or any other means, for the express purpose of meeting the Client’s needs in respect of provision of the Company’s stated services/products, in accordance with and subject to, prevailing law of US. Any use of the above terminology or other words in the singular, plural, capitalization and/or he/she or they, are taken as interchangeable and therefore as referring to same. Cookies We employ the use of cookies. By using Businessfinancenews’s website you consent to the use of cookies in accordance with Businessfinancenews’s privacy policy. Most of the modern day interactive web sites use cookies to enable us to retrieve user details for each visit. Cookies are used in some areas of our site to enable the functionality of this area and ease of use for those people visiting. Some of our affiliate / advertising partners may also use cookies. License Unless otherwise stated, Businessfinancenews and/or its licensors own the intellectual property rights for all material on Businessfinancenews. All intellectual property rights are reserved. You may view and/or print pages from https://businessfinancenews.com for your own personal use subject to restrictions set in these terms and conditions. You must not: Republish material from https://businessfinancenews.com Sell, rent or sub-license material from https://businessfinancenews.com Redistribute content from businessfinancenews (unless content is specifically made for redistribution). User Comments This Agreement shall begin on the date hereof. Certain parts of this website offer the opportunity for users to post and exchange opinions, information, material and data (‘Comments’) in areas of the website. Businessfinancenews does not screen, edit, publish or review Comments prior to their appearance on the website and Comments do not reflect the views or opinions of Businessfinancenews , its agents or affiliates. Comments reflect the view and opinion of the person who posts such view or opinion. To the extent permitted by applicable laws Businessfinancenews shall not be responsible or liable for the Comments or for any loss cost, liability, damages or expenses caused and or suffered as a result of any use of and/or posting of and/or appearance of the Comments on this website. Businessfinancenews reserves the right to monitor all Comments and to remove any Comments which it considers in its absolute discretion to be inappropriate, offensive or otherwise in breach of these Terms and Conditions You warrant and represent that: You are entitled to post the Comments on our website and have all necessary licenses and consents to do so; The Comments do not infringe any intellectual property right, including without limitation copyright, patent or trademark, or other proprietary right of any third party; The Comments do not contain any defamatory, libelous, offensive, indecent or otherwise unlawful material or material which is an invasion of privacy The Comments will not be used to solicit or promote business or custom or present commercial activities or unlawful activity. You hereby grant to Businessfinancenews a non-exclusive royalty-free license to use, reproduce, edit and authorize others to use, reproduce and edit any of your Comments in any and all forms, formats or media. Hyperlinking to our Content The following organizations may link to our Web site without prior written approval: – Government agencies; – Search engines; – News organizations; Online directory distributors when they list us in the directory may link to our Web site in the same manner as they hyperlink to the Web sites of other listed businesses; and System wide Accredited Businesses except soliciting non-profit organizations, charity shopping malls, and charity fundraising groups which may not hyperlink to our Web site. These organizations may link to our home page, to publications or to other Web site information so long as the link: (a) is not in any way misleading; (b) does not falsely imply sponsorship, endorsement or approval of the linking party and its products or services; and (c) fits within the context of the linking party’s site. We may consider and approve in our sole discretion other link requests from the following types of organizations: commonly-known consumer and/or business information sources such as Chambers of Commerce, American Automobile Association, AARP and Consumers Union; dot.com community sites;

  • associations or other groups representing charities, including charity giving sites,
  • online directory distributors;
  • internet portals;

accounting, law and consulting firms whose primary clients are businesses; and educational institutions and trade associations. We will approve link requests from these organizations if we determine that: (a) the link would not reflect unfavorably on us or our accredited businesses (for example, trade associations or other organizations representing inherently suspect types of business, such as work-at-home opportunities, shall not be allowed to link); (b)the organization does not have an unsatisfactory record with us; (c) the benefit to us from the visibility associated with the hyperlink outweighs the absence of Businessfinancenews; and (d) where the link is in the context of general resource information or is otherwise consistent with editorial content in a newsletter or similar product furthering the mission of the organization. These organizations may link to our home page, to publications or to other Web site information so long as the link: (a) is not in any way misleading; (b) does not falsely imply sponsorship, endorsement or approval of the linking party and it products or services; (c) fits within the context of the linking party’s site. If you are among the organizations listed in paragraph 2 above and are interested in linking to our website, you must notify us by sending an e-mail to us at info@Businessfinancenews.com. Please include your name, your organization name, contact information (such as a phone number and/or e-mail address) as well as the URL of your site, a list of any URLs from which you intend to link to our Web site, and a list of the URL(s) on our site to which you would like to link. Allow 2-3 weeks for a response. Approved organizations may hyperlink to our Web site as follows: By use of our corporate name; or By use of the uniform resource locator (Web address) being linked to; or By use of any other description of our Web site or material being linked to that makes sense within the context and format of content on the linking party’s site. No use of (cname)’s logo or other artwork will be allowed for linking absent a trademark license agreement. Iframes Without prior approval and express written permission, you may not create frames around our Web pages or use other techniques that alter in any way the visual presentation or appearance of our Web site. Content Liability We shall have no responsibility or liability for any content appearing on your Web site. You agree to indemnify and defend us against all claims arising out of or based upon your Website. No link(s) may appear on any page on your Web site or within any context containing content or materials that may be interpreted as libelous, obscene or criminal, or which infringes, otherwise violates, or advocates the infringement or other violation of, any third party rights. Reservation of Rights We reserve the right at any time and in its sole discretion to request that you remove all links or any particular link to our Web site. You agree to immediately remove all links to our Web site upon such request. We also reserve the right to amend these terms and conditions and its linking policy at any time. By continuing to link to our Web site, you agree to be bound to and abide by these linking terms and conditions. Removal of links from our website If you find any link on our Web site or any linked web site objectionable for any reason, you may contact us about this. We will consider requests to remove links but will have no obligation to do so or to respond directly to you. Whilst we endeavor to ensure that the information on this website is correct, we do not warrant its completeness or accuracy; nor do we commit to ensuring that the website remains available or that the material on the website is kept up to date. Disclaimer To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to our website and the use of this website (including, without limitation, any warranties implied by law in respect of satisfactory quality, fitness for purpose and/or the use of reasonable care and skill). Nothing in this disclaimer will:

  • limit or exclude our or your liability for death or personal injury resulting from negligence;
  • limit or exclude our or your liability for fraud or fraudulent misrepresentation; limit any of our or your liabilities in any way that is not permitted under applicable law; or exclude any of our or your liabilities that may not be excluded under applicable law. The limitations and exclusions of liability set out in this Section and elsewhere in this disclaimer: (a) are subject to the preceding paragraph; and (b) govern all liabilities arising under the disclaimer or in relation to the subject matter of this disclaimer, including liabilities arising in contract, in tort (including negligence) and for breach of statutory duty.

To the extent that the website and the information and services on the website are provided free of charge, we will not be liable for any loss or damage of any nature.   

Business Finance

About Us

Business Finance News is a brand oriented to business owners and dedicated to analyzing and comparing the cost and conditions of B2B procurement of goods and services through free quotes delivered by business partners.

Contact

Address 5050 Quorum Drive, (75254) Dallas TX

telephone 844-368-6072

DISCLAIMER

A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of businessfinancenews.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only.

Businessfinancenews.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. Businessfinancenews.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. Businessfinancenews.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 

APR REPRESENTATIVE

APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since businessfinancenews.com is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, businessfinancenews.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with businessfinancenews.com, and businessfinancenews.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.