Although we are not a lender and don’t exercise any control over any lenders, we think you should know the following information about responsible lending. We want to make sure that all of our users are educated and able to make responsible decisions regarding their loan options.
Truth in Lending Act
All lenders are required to comply with the Truth in Lending Act. Before a consumer assumes any obligation on a loan offer, the lender is required to present you with certain important information about your loan offer. This includes the exact rates, fees, rollover charges, and other important information. You should review this information very carefully and compare it to all other options available to you to make sure you are making a responsible decision.
Fair Lending
The Dodd-Frank Wall Street Reform Act states that all lenders, including cash advance lenders, must engage in “fair lending,” which is defined as “fair, equitable, and nondiscriminatory access to credit for consumers.” Dodd-Frank also tasks the Consumer Financial Protection Bureau with the enforcement of fair lending regulations. Consumers using CashAdvance.com are urged to file a complaint with the agency should any problems arise with their loans.
Fair Debt Collection Practices
For consumers repaying their loans, CashAdvance.com supports all provisions of the Fair Debt Collection Practices Act enforced by the Federal Trade Commission. CashAdvance.com is not an actual lender and, as a result, does not collect debts from consumers. All lenders and debt collectors are required to comply with the requirements in the Fair Debt Collection Practices Act. These requirements include:
- NOT contacting consumers by phone anytime before 8 a.m. or after 9 p.m.
- NOT contacting consumers by phone with the intent to annoy, harass, or use abusive language.
- NOT collecting debt through deception or misrepresentation.
- NOT threatening legal recourse when no legal action is permitted.
Reporting Scams
CashAdvance.com helps consumers report any illicit lenders and scam artists seeking to take advantage of those in need. CashAdvance.com has created the Scam Report, an online forum dedicated to helping consumers communicate scams to each other and report them to the appropriate consumer protection agencies, such as the Consumer Financial Protection Bureau or the Federal Trade Commission.
State Regulations
In addition to the federal laws that all lenders are required to comply with, individual states also have numerous laws for lending within their borders. These can include strict adherence to local laws regarding interest rates, rollover limits and fees, maximum loan terms, cool-off periods between loans, presentment limits, and more. Keep in mind that you may receive a loan offer from a lender that’s owned by a nationally recognized Indian Tribe. In this case, the Tribe’s law may apply to your loan and the rates, fees and other loan terms may vary from the loans made under your state’s laws. All lenders are required to comply with federal law. Consumers should educate themselves about loan product they desire and the laws, rules, and regulations applicable to the product.
