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Policy on Responsible Lending

State Regulations

Lenders are required to abide by applicable federal, state and local laws. This may include interest rate limits, loan terms, limits on rollovers, the number and frequency of loans, fees, and more. Before you accept any loan, you should educate yourself in regard to the loan you are seeking, including the rules, regulations and laws that might apply to that loan and the lender offering it.

Fair Debt Collection Practices Act

After you enter into a loan repayment schedule, you are protected by the Fair Debt Collection Practices Act (FDCPA), which is overseen and enforced by the Federal Trade Commission. Lenders are required to abide by the FDCPA, which includes the following rules (this applies both to lenders and those working on behalf of the lenders):

  • They may not contact you by phone before 8:00 am or after 9:00 pm in your time zone;
  • They may not use abusive language toward you;
  • They are prohibited from using deception to attempt to collect a debt from you;
  • They are not allowed to threaten legal action against you if they either can’t or don’t intend to pursue such legal action.

Truth in Lending Act (TILA)

The Truth in Lending Act requires lenders to give you in writing the exact fees, interest rate and other details regarding your loan. This should be presented to you prior to any agreement being executed. Lenders may not offer terms that exceed any applicable laws, regulations, or rules. Most specific terms of your loan will be governed by the applicable state law.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act requires that all lenders practice fair lending. The Act empowers the Consumer Financial Protection Bureau (CFPB) to issue regulations that prohibit abuse and unfair lending practices, which includes regulations designed to prevent disparities among consumers of equal creditworthiness but are of a different race, ethnicity, gender or age.

Opening a New Account (including loans) Requires Disclosure of Personal Information

Federal law requires lenders and other financial institutions to know who they are working with. The law is designed to fight money laundering and funding of terrorist networks. Therefore, you may be required to provide your name, date of birth, address, your social security number and other information. Your lender may ask you to provide a valid state or federal ID to verify your personal information.

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Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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