Responsible Lending Practices
We are not a lending company nor endorse or represent any lender. Instead, our goal is to match you with lenders that fulfill your necessity as expressed in the form you complete on our website.
Our mission is to provide you with the best offers, which means we do our best to ensure that our loan providers adhere to local, state, and federal laws. Moreover, we ensure that they adhere to the best practices in the industry market. Furthermore, we ensure that our loan providers use the fairest and the most responsible lending practices.
We also provide educational lessons about lending and short-term loans in the U.S. This is because every state has its own regulations, and sometimes it might confuse borrowers. So we try to put an order in the industry's confusing regulations.
By reading this section of our website, you will be provided with general information about U.S. primary laws and acts for the protection of consumers from unfair short-term loan practices. This is why you should read this section attentively and review it in case you need to, along with the FAQs. Only by knowing these sections and information deeply will you be capable of understanding what you are proposing. After that, making the best and most informed choice will be much simpler.
Fair Debt Collection Practices Act
We strive at the maximum so that the lenders in our network follow the Fair Debt Collection Practices Act, and they are obliged to follow it, as well as the guidelines it provides. We will never try and collect your debt as we are not a lending company, yet our lenders have the right and will pursue every legal manner in order to collect your debt in case you have an unpaid loan. Of course, the recollection of debts also has specific regulations and rules listed in the Act cited above. Actions that represent a clear violation of the Act are:
- Harmful practices and tactics, as well as oppressive, harassing, and offensive language for collecting a debt;
- Contacting borrowers outside of the permitted hours, which go from 9 a.m. to 8 p.m. (in your local time zone);
- Using false information, misleading tactics, or even misrepresenting a company in an attempt to collect a debt;
- Threatening the borrowers with criminal charges or other forms of legal actions that are not actually applicable to their case.
If a lender in our network was found using such practices, this designates its immediate exclusion from our network. We also take care of reporting such lenders to the authorities.
Fair Lending Act
A particular act was issued in order to guarantee fairness in access to credit, with age, gender, race, religion, creed, or other non-financial factors, having any weight in the decisions of lenders. This act is the Fair Lending Act, ensuring that all consumers have equal access to credit. This means that they are entitled to fair access to loans and any other kind of consumer credit. What is needed in order to gain access to credit is respecting and accomplishing all financial and legal guidelines associated with obtaining credit. As this act guarantees the right not to be discriminated against, if you believe you underwent discrimination, then you should immediately contact the local Consumer Financial Protection Bureau's Equal Opportunity and Fair Lending Office.
Truth in Lending Act
The Truth in Lending Act was motivated by the necessity of borrowers knowing all relevant information about a credit offer in a written form before signing a contract or taking any other type of legal responsibility towards lenders. In this case, states have different regulations, and the lender must ensure their offers align with local and federal legislation.
As previously said, every state has specific regulations on credit because not all states are identical, and citizens need different forms of protection in the short-term lending industry. The differences in regulations among states regard principally fees, interest rates, the maximum amount you can borrow, and many more.