USALoanToday is dedicated to protecting consumers from the fraudulent activities of companies and individuals who participate in poor lending practices. As such, we maintain that our lenders must follow several guidelines, and we also provide a wealth of information so that consumers can educate themselves about online financing and their available options.
Fair Debt Collection Practices
We ensure that the lenders in our network understand and adhere to the guidelines set forth by the Fair Debt Collection Practices Act at a minimum. Since we are not a lender, we cannot make any attempt to collect debts from consumers—this is handled by the lenders themselves or through their debt collecting agencies. Essentially, this act protects consumers from oppressive, abusive or harmful activities as they pertain to debt collection. This Act cites the following as violations:
- Threatening legal action when legal action is not permitted
- Misrepresenting a company or using deception in an attempt to collect a debt
- Annoying, abusing, harassing or using profanity toward consumers in an attempt to collect a debt
- Attempting to contact consumers before 9am or after 8pm in their local time zones
If any of the lenders in our network are found to be in violation of these guidelines, they will be immediately removed from our network and reported through the proper channels.
Fair Lending Act
The Fair Lending Act exists to ensure that all consumers are provided with fair, equal and nondiscriminatory access to credit and personal loans. If you feel that you have been discriminated against for anything other than a valid financial reason, you are urged to file a complaint with the Fair Lending and Equal Opportunity office of your local Consumer Financial Protection Bureau.
Truth in Lending
This website and our lenders follow and adhere to the Truth in Lending Act which is a federal law that requires lenders and credit providers to disclose any and all information about an offer for credit to consumers before entering into a legally binding contract—this is known as the Fair Lending Law. Lenders must provide consumers with information about the interest, finance charges, rates and anything else that applies to a loan before presenting a contract. Since some states have their own regulations as to personal loans and credit, these lenders must adhere to them and consumers should carefully compare their offers to the regulations within their states.
Promise to Educate Consumers
All of the educational resources found on this website are provided at absolutely no cost to consumers. Our team of financial professionals has worked diligently to gather and present this information in a manner that is understandable so that consumers can understand the laws and their options when it comes to online financing. Consumers can also find information on other options that they may choose to consider as alternatives.
In an effort to better control the personal loan industry, many states have designed their own regulations about the time consumers have to repay loans, maximum loan amounts, maximum charges and more. You can find this information in the Rates & Fees section of this website.
In some cases, you may be given the option of obtaining a loan from a tribal lender. Lenders that are an extension of a federally recognized Indian Tribe are owned by independent sovereign nations and may not be required to follow local or state laws regarding rates, fees and other loan terms, although such lenders conform to federal lending laws including the Truth in Lending Act. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction.