Fair Lending – Know Your Rights
OnlinePaydayLoans.com is here to help you make a sound financial decision and choose a reputable lender that is right for you. The information on our website serves as a guide that you can use to protect your rights as a borrower, and get the money you need safely.
Federal Lending Laws
OnlinePaydayLoans.com encourages you to research laws and regulations that protect you. A good place to start is the Federal Trade Commission and the Consumer Financial Protection Bureau. The Dodd-Frank Act, for example, protects consumers against unfair and discriminatory lending practices. Any lender who violates your rights can be reported to the Consumer Financial Protection Bureau.
Full Loan Disclosure
When a lender offers you a loan, it must make you aware of all terms associated to your loan – for example, interest rates, origination fees, late penalties, rollover charges and other loan details. The Federal Truth in Lending Act mandates that lenders must provide you with a written account of the terms of your loan prior to you completing and signing your loan documents.
State Lending Laws
Many states around the nation have specific rules in place with regard to minimum/maximum loan amounts and loan repayment. Lenders must comply with these state, as well as Federal, laws.
Lenders must follow Federal debt collection rules. Under the Fair Debt Collection Practices Act, lenders cannot telephone you to harass or annoy you while attempting to collect a debt from you. Further, lenders cannot can you before 8 a.m. or after 9 p.m., threaten you with legal action, or use abusive language.
Some lenders may allow you to renew your payday loan. If you can renew your loan, lenders may charge you a new interest rates, origination fees, rollover fees, and late fees. Loan renewals are also subject to Federal and state laws.
Lenders have their own policies regarding non-repayment of loans. Depending on their policy, a lender may charge extra fees or seek criminal charges if you cannot repay your loan completely.
Lenders have their own particular policy when it comes to late payments. These policies generally vary state by state. Before you sign a lender’s loan agreement, be sure to read their late payment policy. Depending on the state, your lender may be able to offer you helpful rollover and renewal options to extend your loan repayment period. It is important for you to understand that using a renewal plan is something that should only be done as a last resort, as there are usually quite significant costs involved that will add to your loan amount.