All of our lending policies are bound by the federally mandated Truth in Lending Act (TLA). The Truth in Lending Act requires that clear guidelines must be presented to the applicant in writing prior to signing any loan agreement. The contract must specify the terms of any rates, fees, fees, and other loan details. Because of our adherence to the TLA, you can rest assured knowing that there will never be any surprises choosing FastMoney.com for your loan needs.
Fair Lending Practices
Additional lending guidelines as laid out in the Dodd-Frank Wall Street Reform Act require that all lenders abide by the rules of “fair lending,” which will grant “fair, equitable, and nondiscriminatory access to credit for consumers.” Enforcement of these regulations is carried out by the Consumer Financial Protection Bureau, where consumers are encouraged to file any complaints they may have regarding FastMoney.com
Fair Debt Collection Practices
FastMoney.com also follows all the requirements of the Fair Debt Collection Practices Act regarding repayment terms. While we are not a debt collection agency, we still require all our lenders to follow the collection limitations presented in this act, which includes, among other requirements:
● Debt collectors limit their contact by telephone to certain hours.
● Debt collectors cannot use inappropriate or threatening language.
● Debt collectors must stop contacting you if requested in writing.
● Debt collectors cannot lie or misrepresent themselves in order to collect upon a debt.
These rules, and the others laid out in the Fair Debt Collection Practices Act are all enforced by the Federal Trade Commission. Any lender found to be in violation of this act will be immediately removed from our lending network and reported to the FTC.
Many times, the requirements of an individual state will exceed the federal guidelines for lending practices. When this is the case, FastMoney.com will always abide by your state lending laws. State laws may have different requirements regarding loan terms, fees, interest rates, and more.
Educating Our Applicants
In addition to connecting you with lenders in your area, FastMoney.com also offers a variety of resources and articles about budgeting, financial planning, and specifics about your loan so that you can be an educated consumer.
Loan Renewal Policy
Any renewal policies are usually governed by the individual state in which the loan is issued. Some states allow rollovers or repayment term extensions, and these will add to the total repayment amount. It’s a good idea for you to carefully read over the lender terms prior to signing the loan contract.
If you are unable to repay your loan according to the agreed-upon repayment schedule, you could be subjected to rollover fees or added interest. All of the FastMoney.com lenders are committed to pursuing unpaid debts in accordance with the Fair Debt Collection Practices Act.