Responsible Lending Policy
PaydayLoanRadar.com does not provide loan products and does not represent any lender nor endorse any lender. However, we work to provide our users with a search and match service that connects users to reliable and reputable lenders in our network. In order to provide you with the search and match service, we use the personal information that you submit via the online form to match you with lenders who can offer you loan products that meet your needs and interests.
We diligently review and assess all lenders that we partner with to confirm that they abide by federal, state, and local laws, conduct business responsibly, and according to the industry’s best practices, as well as implement fair lending practices in accordance with the laws outlined below.
The loan industry, particularly the short-term loan industry, can be confusing to consumers since the industry’s regulations vary from state to state. To help you understand the industry and the laws that apply in the state in which you reside, we provide educational information about the industry to help answer questions relating to this industry and short-term loans in the United States.
The sections that follow include important information on the legal acts that were instituted to protect consumers from discriminatory and unfair practices. Please read this information thoroughly.
Truth in Lending Act
Lenders are required by law to provide information regarding terms of a loan, interest rates, and fees before they grant credit to anyone. Consumers have the right to obtain all information in writing relating to any credit offer before they sign or e-sign any document or contract. The Truth in Lending Act was designed to make sure that consumers receive all of this information before taking responsibility for a loan.
Fair Lending Act
The Fair Lending Act was designed to make sure that every consumer who wishes to apply for a consumer credit product can do so as long as they meet the legal and financial qualifications. No credit provider can discriminate against an applicant based on any personal, non-financial factor such as age, gender, religion, creed, or race.
All consumers may have equal access to consumer credit, including loans, as long as the consumer can meet the legal and financial guidelines associated with doing so. If you believe you have been discriminated against, contact the Equal Opportunity and Fair Lending Office at your local Consumer Financial Protection Bureau.
Fair Debt Collection Practices Act (FDCPA)
Our lenders must follow all guidelines established by the Fair Debt Collection Practices Act (FDCPA) when making attempts to collect a debt. The FDCPA was approved in 1977 and was enacted to help protect consumers from any abusive or deceptive debt collection practices.
The following actions are unlawful violations of the FDCPA. A lender may not:
- Use any form of harassment, foul language, harmful, oppressive, or abusive language or tactics;
- Attempt to contact debtors between the hours of 8 p.m. and 9 a.m. in the debtor’s local time zone;
- Use deception, falsify information, or misrepresent any company in attempt to collect a debt;
- Make threat for any legal action or criminal charges when such action is not justified.
If any lender that this Website is in partnership with is found to have violated any part of the Fair Debt Collection Practices Act, they will be removed from the network immediately and their actions will be turned in to authorities.
PaydayLoanRadar.com is not a lender, therefore we cannot make any attempts to collect debts. However, if your loan is unpaid, our lenders do hold the right to collect any debt using any means applicable by law.
Short-Term Lending Regulations by State
In an effort to protect consumers, individual states in the US regulate short-term lending differently, and lenders must abide by each state’s regulations. Individual states may regulate factors such as interest rates, fees, maximum loan amounts, and more. For additional information on short-term loan regulations and current rate limits in individual states, see the Rates and Fees page and government websites listed there.