What Do You Need to Know about Responsible Lending
All the lenders in the network follow federal and state regulations strictly and guarantee secure successful experience for borrowers within the legislation of the USA (including special laws on short-term lending and debt collection practices). It’s important that borrowers acknowledge their rights and can identify illegal actions concerning loan agreement so that to claim legal processing in case it’s necessary.
Fees, Penalties and APR
The Truth in Lending Act is one of the obligatory legal documents, which limits the activities of all the lenders within the network and provides guarantees for successful borrowing experience within federal and state regulations of the USA. All the information regarding the costs, including, but not limiting, fees, penalties, rates (with APR) and other charges are to be presented and explained to the borrowers in full volume before the agreement is signed.
Frank-Dodd Wall-Street Reform Act
This act obliges all the lenders in the network with no exceptions to adhere to the regulations of fair lending practices, including, but not limiting, providing "fair, equitable, and nondiscriminatory access to credit for consumers". In case any lender breaks any of the rules of the stated act, the referred borrower can file a complaint to the Consumer Financial Protection Bureau and get justice.
Fair Debt Collection
The Fair Debt Collections Act overseen by Federal Trade Commission guarantees every borrower who deals with legitimate lenders protection regarding debt collection. According to the basic rules of this act, no borrower can be treated in the following way:
- Called by phone before 8 am or after 9 pm for debt collection issues;
- Harassed with abusive language over the phone for debt collection issues;
- Become the victim of deception for debt collection issues;
- Be threatened with legal action unless otherwise stated by law.
Considering all the lenders in the network act according to the terms of this act, borrowers are safe from any violation regarding debt collection and can file a complaint to the Federal Trade Commission in case any of the regulations are violated or can cause violation of this act.
Federal and State Regulations
The network consists of legitimate payday loan lenders only. These lenders act within the scopes of federal legislation and comply with the regulations in the states where they are working. In order to get more information regarding state regulations and individual terms, it’s recommended to contact lenders directly. We also strongly recommend to make only informed and reasonable borrowing decisions and clarify all the terms immediately as they arise.