Who We Are
NuvaLoan is a free loan-matching service that passes your online request to lenders in its network; it is not a lender and does not make loan offers or credit decisions.
NuvaLoan is also not a broker that evaluates applications or decides credit on anyone's behalf. When you submit a request through nuvaloans.com, we share the information you provide with one or more participating lenders or lending networks that may be able to consider it.
Each lender reviews your request under its own criteria and decides whether to present an offer, how much to offer, and at what rate and term. Any loan agreement you sign is between you and that lender. For a step-by-step look at the process, see how NuvaLoan works.
How We Are Compensated
Lenders and lending networks pay NuvaLoan when a request is matched with them or when a loan is funded; the service is free to you.
You never pay NuvaLoan a fee to submit a request, receive an offer, or decline one. Our revenue comes from the lenders and networks that participate in the service. Compensation amounts can differ from one lender to another and may depend on whether a request is simply delivered or a loan is ultimately funded.
How compensation can affect which offers appear
Compensation may influence which lenders receive your request, the order in which lenders are contacted, and which offers are presented to you. A lender that pays more may be shown before one that pays less. Lender eligibility rules, your state, the amount requested, and your credit profile also play a major role.
Because of this, the offers you see are not a ranking of the best or lowest-cost loans available to you. We encourage you to review every offer carefully and compare it with other options you may have.
No Promise of Approval
Submitting a request does not mean you will receive an offer; not all applicants will be matched with a lender, and not all matched applicants will be approved.
Lenders set their own requirements for income, credit history, state of residence, and other factors. Some requests receive several offers, some receive one, and some receive none. The loan amount, APR, and term you are offered may differ from what you requested.
You are never obligated to accept an offer. If you decide to proceed, the lender may ask for additional information or documents before funding.
APR and Term Disclosure
Lenders in the NuvaLoan network offer APRs from 5.99% to 35.99% with repayment terms typically ranging from 3 to 36 months, on loan amounts from $500 to $5,000.
The annual percentage rate (APR) reflects the yearly cost of borrowing, including interest and certain fees. The rate and term you are offered depend on your credit profile, income, state, loan amount, and the lender's own policies. Some lenders charge an origination fee, which may be deducted from the amount you receive. Terms and definitions are explained in our loan glossary.
Representative example
The following is a representative example for illustration only; your actual terms may differ.
| Loan amount | Term | APR | Monthly payment | Total interest | Total repaid |
|---|---|---|---|---|---|
| $2,000 | 12 months | 24.99% | about $190.08 (12 payments) | about $280.94 | about $2,280.94 |
Figures are rounded estimates and assume every payment is made on time with no additional fees. Your lender will provide the exact APR, finance charge, payment schedule, and total of payments in its loan disclosure before you sign.
State Availability
The NuvaLoan service and the lenders in its network are not available in every state, and loan amounts, rates, and terms vary by state law.
Each lender decides which states it serves and must follow the licensing and rate rules that apply there. Some states cap interest rates or limit loan sizes, and some lenders do not operate in certain states at all. If no participating lender serves your state, your request may not be matched.
Implications of Non-Payment
Missing a loan payment can lead to late fees, collection activity, and negative reporting to credit bureaus, depending on your lender's policies and applicable law.
NuvaLoan does not set or enforce repayment terms, but lenders commonly take some or all of these steps when a payment is late or missed:
- charging a late fee or returned-payment fee as described in the loan agreement;
- reporting late or missed payments to one or more credit bureaus, which can lower your credit score;
- referring the account to an internal collections team or a third-party collection agency;
- in some cases, pursuing other remedies permitted by law.
If you expect trouble making a payment, contact your lender before the due date. Many lenders have hardship or payment-date options, but these are available only at the lender's discretion.
Renewal Policies
Whether a loan can be renewed, extended, or refinanced is decided by each lender, so read your loan agreement before signing.
Some lenders do not offer renewals at all. Others may allow an extension or a new loan that pays off the old one, which can add interest and fees and increase the total cost of borrowing. Ask your lender how renewals work, whether any fees apply, and whether there is a prepayment penalty if you pay early.
Credit Checks
Many lenders use a soft credit inquiry to pre-qualify you, which does not affect your credit score, but a lender may run a hard inquiry if you accept an offer and proceed.
A soft inquiry lets a lender review your credit report without it counting against you. A hard inquiry is recorded on your credit report and can lower your score by a small amount for a period of time. Lenders may also verify your identity, income, and bank account through other databases. You can learn more about both inquiry types in the glossary entry on soft credit inquiries.
Use of Third-Party Data
NuvaLoan and the lenders in its network may use data from third-party sources to verify your identity, prevent fraud, and evaluate your request.
These sources can include consumer reporting agencies, identity verification services, fraud prevention databases, and bank account verification providers. Lenders use this information under their own policies and applicable law. Details on how we collect and share information are in our privacy policy.
Not All Lenders or Products Are Included
The NuvaLoan network does not include every lender or every loan product available in the market.
Other lenders, banks, and credit unions may offer loans with lower rates or different terms that are not shown through our service. We encourage you to consider all your options, including local credit unions and your current bank, before accepting any offer. If you have questions about this disclosure, you can reach us through our contact page.
