Policy on Responsible Lending
We want consumers to be educated, make smart financial decisions, and to be protected from malicious personal consumer lenders and other unsavory businesses that engage in unlawful and unethical lending practices.
Trust and Truth
Our policies and practices conform to applicable provisions of fair lending laws like the Truth in Lending Act. Before a consumer enters into a loan agreement, the lender should provide you in writing (this can be electronically) with the exact fees, rates, charges and other details. Visit the Rates and Fees section of this website to learn about current regulations and laws in your state.
The Dodd-Frank Wall Street Reform Act states that all lenders must engage in “fair lending” practices. The Consumer Financial Protection Bureau enforces fair lending rules and regulations.
Practices for Fair Debt Collection
We are committed to working with lenders that obey the Fair Debt Collection Practices Act. We are not the lender or debt collector. Lenders in our network are required to avoid the following practices:
- Calling consumers on their telephone prior to 8 a.m. or after 9 p.m. (or as otherwise regulated by specific state laws).
- Calling consumers with the malicious intent of harassing, or annoying or even using abusive language.
- Using misrepresentation and deception for debt collection purposes.
- Threatening with legal recourse or criminal charges even though no such action is allowed.
We will not do business with lenders that intentionally and repeatedly violate the Fair Debt Collection Practices Act.
Current State Regulations
We encourage lenders to follow applicable federal and state regulations. This includes conformity with local laws regarding interest rates, maximum loan terms, fees, cooling-off periods in between loans, and other loan terms. Lenders that are an extension of a federally recognized Indian Tribe acting as independent sovereign nations may not be required to follow state or local laws regarding rates, fees and other loan terms, and may offer terms on less-favorable rates than other lenders, although such lenders are required to conform to federal lending laws including the Truth in lending Act.