Responsible Lending Statement
PaydayAdvance.com strives to always provide consumers with up-to-date information about online cash loans. We are dedicated to helping people borrow funds securely and safely, and a big part of doing that is making sure that they are acquainted with the state and federal lending laws that our affiliate lenders operate in full accordance with.
Fair Lending Practices
PaydayAdvance.com is committed to its clients through each step of the loan process. In order to protect consumers from unfair lending practices, all of the members of our trusted lender network follow the regulatory provisions of the Consumer Financial Protection Bureau (CFPB). Their lending policies also strictly adhere to the guidelines expressed in the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (CFPA).
We also require that every lender in our network openly share information on interest rates, fees, rollover changes, and any other relevant loan details before our clients sign any loan documents. These practices are mandated by the Truth in Lending Act and outlined by the CFPB. Consumers using PaydayAdvance.com to get a loan should file a complaint with the CFPB if they have any issues regarding a specific lender.
Many states have specific policies with regard to minimum and maximum loan amounts and loan repayment. Lenders in our network have pledged to follow all applicable state lending laws in addition to the federal regulations outlined in this document.
Our network lenders are required to follow fair debt collection practices when collecting loan repayments. The Federal Trade Commission’s Fair Debt Collections Act states that lenders may not do any of the following:
- Contact consumers via phone before 8 a.m. or after 9 p.m.
- Contact consumers via phone with the intent to harass or annoy, or use abusive language over the phone to belittle or threaten them
- Attempt to collect debt through deception or misrepresentation
- Threaten legal action when no such action is allowed
If any of our affiliate lenders violates the Fair Debt Collections Act, PaydayAdvance.com will immediately report that lender’s actions to the FTC and remove them from our network.
Though PaydayAdvance.com connects prospective borrowers to its network of lenders, each lender has their own specific late payment policy. These policies usually vary state by state. Make sure you read your lender’s late payment policy before you sign a loan document. Depending on the state, your lender may be able to offer helpful rollover and renewal options to extend your repayment period. Keep in mind that using renewal plans should only be done when absolutely necessary, as there are usually high costs involved that will add to your loan amount.
Each individual lender in our network has their own policy regarding non-repayment. Be sure to read all of the terms provided by your lender, including those regartding their non-repayment policies. All of the lenders we work with conduct debt collection in strict accordance with FTC policy and state lending laws.