How this type of borrowing generally works
A borrower receives or accesses money under an agreement that specifies the amount, annual percentage rate, fees, payment schedule, and consequences of late or missed payments. Product names are used differently across providers, so the written agreement—not the marketing label—is what controls.
What to compare
- APR and every mandatory fee
- Monthly or scheduled payment amount
- Total amount repaid over the full term
- Fixed versus variable rate
- Prepayment rules and late-payment consequences
- Whether collateral or automatic account access is required
Warning signs
Stop if a provider guarantees approval, refuses to disclose APR, asks for an upfront fee by gift card or crypto, pressures you to act immediately, or cannot be verified through an official regulator.
PSI Loans does not provide this product.
This page is general education. Eligibility, legality, pricing, and availability depend on the provider, state, and borrower.