The mission of PaydayLoanNow.com is to connect consumers in need with lenders within our network. To this end, we take every precaution to make sure that our users are aware of their rights as consumers, as well as receive protection from unscrupulous lending practices which may be prevalent through different organizations.
The lender network provided by PaydayLoanNow.com strictly follows all the federal guidelines required for payday loans by the Truth in Lending Act. This includes, among other specifics, the full disclosure of all loan terms, fees, interest rates, and repayment conditions to be issued in writing prior to the consumer signing any obligatory agreement. With PaydayLoanNow.com lenders, you’ll always be fully informed of your loan details before committing to a course of action, and will not be obligated to continue further if the loan terms are unfavorable.
State Lending Laws
In addition to the federal mandates, most individual states hold their own set of rules and regulations regarding payday loans. The lending network provided by PaydayLoanNow.com is committed to full compliance with both federal and regional laws, which can affect the loan amounts, repayment terms, interest rates, and other aspects of your short-term loan. Any consumer who feels that their lender may be in violation of their rights afforded by these laws is encouraged to immediately contact the Consumer Financial Protection Bureau, which will then proceed with the proper investigation procedures.
While PaydayLoanNow.com encourages all consumers to fully understand the terms of their loan repayment agreement prior to agreement and signing, we also understand that sometimes life take unexpected terms which can undermine the original plans of prompt repayment. In this instance, you should contact your lender as soon as possible in order to make alternative arrangements. Some lenders may provide extensions, also known as rollovers, which can defer your repayment date. However, availability of this lenience may be limited by state restrictions on short-term loans. The total loan repayment amount will also change as a result of any extension, due to added interest fees or possible penalties.
Fair Debt Collection Practices
In the case of nonpayment of loans, the lenders within the PaydayLoanNow.com network are committed to following the Fair Debt Collection Practices Act in attempting to recover their debt. This act, which is enforced by the Federal Trade Commission, requires certain limitations on the debt collection process in order to grant more protection for consumers:
- Telephone contact in order to collect a debt is not allowed by telephone at any hour prior to 8 a.m. or falling after 9 p.m.
- The use of any abusive or threatening language is strictly prohibited, as is making repeated annoying or harassing phone calls.
- Misrepresenting the powers of the debt collection agency, or using deceptive practices to collect a debt is prohibited.
- Threatening to initiate legal action when there is no actual basis for legal action is also prohibited.
Any lender found in violation of the Fair Debt Collection Practices Act will be removed from the PaydayLoanNow.com lending network immediately.