Responsible Lending Policy
We are not a loan providing service,
nor do we represent or endorse any lender.
But we are working hard to provide you with access
to reliable lenders and match you with
the lenders who can offer you loan products according to the information you
submit in our online form.
We put maximum efforts to ensure that all the lenders
in our network are legitimate loan providers
adhering to federal, state and local laws, fair and responsible lending
practices and the best practices in the industry.
We understand that personal loan industry can be puzzling,
as it is regulated in many states heavily and
differently. For this reason, we provide you with the necessary information and
educational material on the industry to answer your questions regarding personal
loans in the USA. In this section we’ll provide the basic information regarding
the major laws and acts that secure and protect consumers from unfair
practices. We encourage you go through this information and read the basics on
[How It Works], [FAQ] and [Rates and Fees] pages to understand your credit
options better and make only smart and reasonable credit decisions.
Fair Debt Collection Practices Act
We strictly insist that our lenders follow the guidelines
put in place by the Fair Debt Collection
Practices Act. We are not a lender, so we will never make any attempt to
collect a debt from you. However, our lenders have the right to use all lawful
means available to them to collect your debt if your loan is unpaid. They must
follow the guidelines of the Fair Debt Collection Practices Act when doing so.
These are some of major actions deemed as violations:
• Using any harmful,
oppressive, foul or harassing language or tactics in order to collect debt;
• Attempting to contact
debtors before 9 a.m. or after 8 p.m. in their local time zones;
• Using deception,
falsifying information or misrepresenting a company in order to collect a debt;
• Threaten criminal
charges or any legal action when such legal action is not warranted.
Any lender within our network found to be
in violation of these guidelines will be immediately
removed from our network and reported to law enforcement.
Fair Lending Act
The purpose of the Fair Lending Act is to ensure that
all consumers have equal access to credit
despite their age, race, creed, gender, religion or other non-financial factor.
The Act ensures that consumers are not discriminated against and that they have
access to the loan and other forms of consumer credit as long as these
consumers can meet the legal and financial guidelines associated with obtaining
such credit. If you feel that you are a victim of discrimination, please
contact the Equal Opportunity and Fair Lending Office of your local Consumer
Financial Protection Bureau.
Truth in Lending Act
The Truth in Lending Act was established to ensure that
consumers have all of the information about
an offer of credit available to them in writing before they take any
responsibility and e-sign any contract or decide to extend any credit. Lenders
are required to disclose information about the rates, fees, interest and terms
associated with loans before they provide any credit to any consumer. Each
state has its individual regulations regarding online personal lending, and
lenders are required to ensure that all offers are in accordance with these
Many states have implemented their own regulations
for online personal lending industry in an
effort to protect consumers. Some of the things individual states regulate
include the maximum loan amounts, fees and interest, the number of rollovers
that are available and more. The general information about the regulations in specific
states can be found in our [Rates and Fees] section of this website. You can
find the links to the governmental websites with detailed explanation on personal
loan regulations and up-to-date rate limits in different states.
Personal Loan Disclaimer
A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it’s usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $5,000 depending on the lender, your state and your financial situation.
The owner and operator of this website is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders.
All the data concerning personal loan products and the industry is presented on the website for information purposes only. This website does not endorse any particular lender, nor does it represent or is responsible for the actions or in actions of the lenders. This website does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $5,000.
This website cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verification’s, including but not limited to social security number, driver license number, national ID or other identification documents.
The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since this website is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, this website cannot provide the exact APR charged for any loan product offered by the lenders.
The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders.
These financial and non-financial actions have nothing to do with this website, and this website has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.