Policy on Responsible Lending
Our company holds its lenders up to a strict standard. We continually strive to make sure that all applicants have full information and disclosure before entering into a loan with any loan provider. While, each lender has their own respective practices and are controlled by their respective states, there are general rules of conduct for each lender to adhere to. This is to additional of any rules that can be enforced by their local government and from the federal Truth in Lending Act. The following are the guidelines for the lenders to adhere to.
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, roll over 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
Our company is committed to working with lenders that obey the Fair Debt Collection Practices Act. Our company is not the lender or debt collector. Lenders in our network are required to avoid the following practices:
- All communications with lenders are to be during normal hours.
- All communications between lender and client are to be deemed respectable.
- There shall be full transparency with full disclosure.
- The Lender shall not engage in deceitful practices.
We will not do business with lenders that intentionally and repeatedly violate the Fair Debt Collection Practices Act.
Current State Regulations
Our company encourages lenders to follow applicable federal and state regulations. This includes conformity with local laws regarding interest rates, maximum loan terms, rollover limits, fees, cooling-off periods in between loans, and other loan terms. Lenders that are an extension of a federally recognized Indian Tribe act as independent sovereign nations and may not be required to follow local laws regarding rates, fees and other loan terms, although such lenders conform to federal lending laws including the Truth in Lending Act.