One of the goals of PaydayLoans.com is to always provide people with fully up-to-date information regarding online cash loans. We are interested in helping people obtain needed funds safely and securely, and we understand that a large part of doing that is ensuring that prospective loan borrowers are well acquainted with the state and federal lending laws which the members of our network of lenders operate in full accordance with.
PaydayLoans.com is committed to its customers through each step of the online loan process. So as to protect consumers from cash lending practices that are unfair, all of the lenders with whom we are affiliated adhere to the regulatory provisions of the Consumer Financial Protection Bureau (CFPB). Our network lenders’ lending policies also adhere to the guidelines expressed in the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act.
PaydayLoans.com also requires every member of its lender network to openly share information on fees, interest rates, rollover changes and any other relevant loan details before customers sign any loan-related paperwork. These practices are mandated by the federal Truth in Lending Act and outlined by the CFPB. It is recommended that consumers who are utilizing PaydayLoans.com to obtain a quick online cash loan file a formal complaint with the CFPB in the event that they have any issues regarding a particular lender.
Many states around the nation have specific policies in place with regard to minimum/maximum loan amounts and loan repayment. The lenders whom PaydayLoans.com is affiliated with have all agreed to follow applicable laws and regulations.
PaydayLoans.com’s affiliate lenders are required to follow established fair debt collection practices when they are collecting loan repayments from borrowers. The Federal Trade Commission’s Fair Debt Collections Act stipulates clearly that lenders are not allowed to do any of the following things:
If any of PaydayLoans.com’s network lenders violates the Fair Debt Collections Act, we will quickly report that individual’s actions to the FTC and remove them right away from our network.
Although PaydayLoans.com connects prospective loan borrowers to its nationwide network of lenders, each of those lenders has 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.