To protect consumers from cash lending practices that are unfair, all the lenders with whom we are affiliated adhere to the regulatory provisions of the Consumer Financial Protection Bureau (CFPB). Our network lenders’ lending policies also adhere to the guidelines expressed in the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act.
We also require every member of its lender network to openly share information on fees, interest rates, rollover changes and any other relevant loan details before customers sign any loan-related paperwork. These practices are mandated by the federal Truth in Lending Act and outlined by the CFPB. It is recommended that consumers who are utilizing We to obtain a quick online cash loan file a formal complaint with the CFPB in the event that they have any issues regarding a particular lender.
State Lending Laws
Many states around the nation have specific policies in place with regard to minimum/maximum loan amounts and loan repayment. The lenders whom We is affiliated with have all pledged to follow applicable state lending regulations in addition to the federal regulations that this document outlines.
Collection of Debt
We’s affiliate lenders are required to follow established fair debt collection practices when they are collecting loan repayments from borrowers. The Federal Trade Commission’s Fair Debt Collections Act stipulates clearly that lenders are not allowed to do any of the following things:
- Attempt to collect debt through deception or misrepresentation
- Contact borrowers via telephone with the intent to annoy or harass them, or use abusive language over the phone to threaten or belittle them
- Contact people via telephone before 8 a.m. or after 9 p.m.
- Threaten legal action when this type of action is not permitted
- If any of We’s network lenders violates the Fair Debt Collections Act, we will quickly report that individual’s actions to the FTC and remove them right away from our network.
Non-Repayment
Each of our network lenders has their own particular policy when it comes to non-repayment of loans. Depending on their policy, a lender may charge extra fees or seek criminal charges if you cannot repay your loan completely. All the lenders whom we partner with conduct debt collection in a fashion that is in total accordance with state lending laws and FTC policy.
Delinquent Payments
Although We connect prospective loan borrowers to its nationwide network of lenders, each of those lenders has their own particular policy when it comes to late payments. These policies generally vary state by state. Before you sign a lender’s loan agreement, be sure to read their late payment policy. Depending on the state, your lender may be able to offer you helpful rollover and renewal options to extend your loan repayment period. It is important for you to understand that using a renewal plan is something that should only be done as a last resort, as there are usually quite significant costs involved that will add to your loan amount.
