Here at Ideal Lending, LLC we strive to relieve financial hardships for customers, not add to them. Therefore, we offer the convenience of a grace period when you receive a title loan with us. The definition of a grace period is the fixed time period in loan contracts during which a late payment will not result in default. When you receive a title loan, your payment is due every 30 days. When your payment is due, you have 10 days from your due date to make your payment before you are in default.
At Ideal Lending, LLC we acknowledge that not everyone gets paid on the week their payment is due, therefore we offer a grace period as a courtesy for our clients. I do advise clients to only use their grace period when it is absolutely necessary. Making your payment on time, per the contract schedule allows you to pay your loan off in a timely manner as stated in your contract.
Grace periods should be used for clients who always make their payments on time, but due to an unforeseen circumstance they have to use their grace period. Some clients who frequently use their grace period see this as the actual deadline, which is not how it should be viewed. Habitual grace period users will have a higher pay-off balance at the end of their loan, which is usually unexpected. Therefore, when you obtain a title loan make sure to choose a lender that offers the option of a grace period. Additionally, use your grace period wisely, only for unexpected circumstances when paying back a Boise title loan.