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Responsible Lending

The company provides a selection service, which is designed to unite applicants and creditors. Our main goal is to help applicants find appropriate loan offers from lenders, while at the same time we strive to find reliable borrowers for loan providers. Our web platform is not a lender, we do not give or take loans, and we just present you a convenient online service as a place of negotiations. Users don't have to pay for our services; it's free option for them.

The administration of our site checks all users and third-party organizations, whether they conduct legal business and whether they represent reliable practices and services. Our users must comply with Federal and state laws and regulations.

We care about our users and try to keep them informed of changes, notifications and other updates taking place in the credit industry. On the site everyone can find informative content about short-term loans and other related materials about general lending. The United States is a huge country that required division into states. Currently, each state is different; each state has its own characteristics in terms of economy, politics, culture and law. This means that the laws of one state and the regulations may also differ from those of another state. As our site is based solely on legitimate activities, we also adhere to all Federal and state laws. Here, in this part, we would like to help you understand the differences in state regulations and documentation. Please, read the information below carefully before registering on the site. Be more attentive with the sections How It Works, FAQ and Rates and Fees pages that will help you make better and more profitable decisions about choosing from credit products.

Fair Debt Collection Practices Act

This law is used to collect debts from borrowers, who have not made timely repayments. Since our web platform is not inclined to take or give loans and collect debts accordingly, we do not adhere to this Act. However, we insist that our creditors observe and rely on Fair Debt Collection Practices Act when they need to collect the debt. We want to briefly review the main terms of this official document to clarify to our users the main violations, arising during the collection process:

  • Collector begins to raise his voice, speak rudeness and psychologically put pressure on a debtor;
  • Collector intrudes in the private life of the debtor, by calling at the wrong time, i.e. from 8 pm to 9 am;
  • Collector tries to force a debtor to repay the loan by using fraudulent means;
  • Collector threatens imprisonment or other legal punishments.

We do not allow our creditors to follow these negative behavioral patterns in their dealings with borrowers. In case any creditor uses one of these improper methods, we will immediately terminate our cooperation with this lender and report to the law enforcement authorities.

Fair Lending Act

This legal document contains provisions about prohibition of discrimination due to the credit issuing. Lenders have to make loan decisions based only on the applicant’s payment status, credit history, or other financial conditions, but they should not follow any non-financial factors, such as the applicant’s age, confession, religion, race, nation and others. Fair Lending Act allows all applicants to have equal access to loan offers regardless of their personality and appearance. Victims of discrimination must speak up about their cases and insist on their fair rights in obtaining credit products. In case of violation of this law, please contact Consumer Financial Protection.

Truth in Lending Act

Lenders should provide information about their loan product to the applicant interested in further cooperation. Applicants have the right to know the rates, fees, charges, conditions and interest before signing a loan agreement with a particular lender. They can choose a more suitable credit offer among a huge selection. The Truth in Lending Act obliges creditors to provide honest and complete information regarding their short-term loan products. Each state has its own differences and peculiarities regarding the law on short-term lending, creditors must adhere to Federal regulations, as well as local laws of their state.

State Regulations

In the United States, there are many laws relating to consumer protection. Each state creates its own laws to simplify and protect local residents. You can find different loan rates, rate limits, interest rates and even available loan amounts. There are official government websites where everyone can check certain and detailed information given his / her state regulations. Go to the Rates and Fees section and you will see links to these sites. It is important to be aware of the latest information when it comes to the credit industry. Lending information is rather changing the subject.

Disclaimer:

Short-term loans are supposed to have special purposes, they are designed for people to take it and use it for a short time. This type of loan is an emergency credit product, as the loan debtor receives cash in not big amounts. It is highly important to understand the main meaning of short-term loans, which are not intended to be used for a long time to solve the problem of constant lack of funding. In case, if the loanee wants to prolong the short-term credit, this type of credit product can become a very expensive product.

paydayloan.network - this is web service that is launched to bring together lenders and loan debtors. This online platform allows users to find suitable and relevant lenders. It is important to understand that this service cannot make any decisions regarding to taking or giving loans. You don’t need to pay for the services of the website, it is absolutely free option. Also, you can come on this platform with no purpose to contact lenders or take credit product, you can only view and see what we offer without paying for it. All information concerning to short-term credit products is available for visitors and users free of charges. On the website paydayloan.network many lenders are represented, but it does not mean that this service is responsible for the business of these lenders and transactions between lenders and loanees. This web platform does not approve each particular lender and the actions of third parties. paydayloan.network is not aimed at the collection, storage, sale and transfer of personal information, especially when it concerns the repayments of loans and other credit products.

Most states prohibit such loans when they are provided for a short period of time. On the Internet, there are many offers of lenders who are willing to provide loans of up to $ 1,000. The paydayloan.network website does not give promises and guarantees that it provides each new customer with a reliable creditor, and users may receive short-term loans from third parties. Lenders may decide to check through some credit agencies to determine the credit status and creditworthiness of borrowers. They may also request official personal data for verification, such as a social security number, driver's license number, national identity card number and other documents. The terms of credit products and the amount of credit products vary from one lender to another. It also depends on many factors, including the applicant’s credit history, place of residence and credit status, etc. It should be noted that each lender sets his own limits, restrictions and certain conditions on his own and for each applicant individually.

APR Representative

The loan rate is called Annual Percentage Rate that is calculated once a year. The paydayloan.network platform cannot provide information on the rates and terms of lending offered by lenders. We cannot provide you with an APR for loan products, since we are not lenders; they do not disclose these details of their business to us. The annual rate varies from one lender to another lender and depends on several factors, such as place of residence and consumer credit status. There are some additional fees that lenders may charge additionally, including fees for initiation, late payment, fines. They can also apply for fees for non-payment and charges for non-financial actions, including an overdue payment, tax and debt collection report. Lenders do not transmit information about any financial or non-financial actions to paydayloan.network, so there is no information on this website about the claims and requirements of creditors to applicants. The loan agreement must disclose all details of payment and non-payment fees and commissions in a transparent manner. APR is one of the non-financial charges for a short-term loan product, which should be calculated as a one-time annual payment.

Consequences of Late Payment
In case you doubt that you can pay on time, you need to contact the lender and discuss with him the possibility of late payment. The lender decides what charges and penalties he imposes on late payment. There are some federal regulations regarding to late payment that may vary depending on the case. Loan agreement includes the details about the procedure and the cost associated with the late payment. Look through the all document before signing it.
Non-payment Consequences
Financial and non-financial charges and fees can be taken when lenders receive missed payment or non-payment. The loan agreement includes all the penalties of late payment and non-payment.

Fees and other financial charges for late payment are to specified in the loan agreement. Resumption and other actions regarding to non-payment may be taken in case of consent. All information about the renewals is drawn up in the loan agreement and is determined on a case-by-case basis. There are also some additional penalties and fees that you will probably have to pay in case of resumption.

There are plenty of procedures and methods of debt collection that can be done. Fair Debt Collection Practices Act regulates and establishes the procedure of implementation of debt collection actions. Federal laws adjust limitations and rules to defend applicants and to prevent unfair lenders’ actions against the consumers. Most creditors prefer not to use the outsourcing services regarding to debt collection, they solve debt disputes by their own.

Any financial delinquency concerning to late payment or non-payment can be transferred to credit bureaus, such as Equifax, Transunion, Experian, and others. Negative consequences may arise as a result of breach of the loan agreement. The credit status of the loanee will also be downgraded after the delay in payment. Lenders are not used to trust their funds to applicants with a low-reliable rating.