LENDING MODEL
Transparent, Affordable, Honest Pricing
Liberty Loans makes loans with interest rates that are set and regulated by the state of Texas. We are in a completely different lender-category from PayDay Lenders – who, unlike us, are UNregulated and allowed to charge astronomical interest rates to their customers. What makes us different from these types of predatory lenders is that our interest rates are affordable, fair, transparent, easy-to-calculate, honest and in most cases TEN TIMES cheaper than the rates of a PayDay lender. We charge an interest rate of $4.00 per $100.00 borrowed, per month. We work with each individual customer to find a monthly term amount that works with their income and ability to pay back the loan. If a customer originally signs up for a 10 month payback on their loan, however they end up paying the loan off in 8 months instead of 10, then we waive the interest that was originally owed on those final 2 months, and there are no fees or penalties for paying the loan off early. We understand that building, establishing and repairing credit DOES cost money, however we believe that Texas consumers should not have to sell a kidney in order to do so. Above all else, we want to help our customers for their future financial needs, and because of this – we believe in charging our affordable interest rates so that our customers have a path to success – not a path to credit destruction.
Flexible Payment Plans
We understand that life doesn't always go according to plan and sometimes you just need a few extra days. This is why we allow our customers a full 10 days from their payment due dates, before we add a $10 late charge to their account, and we allow a full 30 days from their due date before we notify the credit bureaus of the missed payment. In addition to this, we always work with our customers to avoid late charges and negative reports to the credit bureaus. As long as our customers are in contact with us, then we work to find a way, together, to keep them in good standing until they are able to make their full payments again.
Flexible Payment Plans
We understand that life doesn't always go according to plan and sometimes you just need a few extra days. This is why we allow our customers a full 10 days from their payment due dates, before we add a $10 late charge to their account, and we allow a full 30 days from their due date before we notify the credit bureaus of the missed payment. In addition to this, we always work with our customers to avoid late charges and negative reports to the credit bureaus. As long as our customers are in contact with us, then we work to find a way, together, to keep them in good standing until they are able to make their full payments again.
Responsive Customer Service
Customers can reach Liberty staff members by phone, text message, mail or email. We are a small family run business, and customer service is one of the main reasons we believe that we stand apart from other lending institutions, and we believe this is why many of our customers have been with us for over 30 years. Our customers are not just a number and they have the ability to call and talk with any one of our team members at any time and will always be treated like family.
Credit Reporting
All Liberty Loan Company loans get reported to all 3 major credit bureaus (Equifax, Experian, TransUnion) from day 1 because we believe in helping you earn financial freedom.