Responsible Lending Practices
PDLoans247 is not a representative of any lender and does not provide lending services itself. The purpose of our platform is to connect borrowers with suitable lenders.
We make every effort to ensure that the lenders on our platform meet all legal requirements. We also screen lenders for compliance with fair and responsible lending practices.
Considering that many states have specific laws concerning short-term loans, we provide the fullest information on our website for borrowers’ awareness. That way, you can be up-to-date on all the nuances of the regulations that apply in your state.
Below we will cover basic information regarding basic U.S. laws and regulations that protect clients from abusive lender practices. We also advise you to read the info represented on our pages: FAQ, How It Works, online loans calculator and Rates and Fees. This will help you better understand what loan options are available to you so you can make a reasonable decision.
Fair Debt Collection Practices Act
We require from our creditors to comply with the Fair Debt Collection Practices Act and the regulations noted therein. PDLoans247 does not provide lending services, so we do not try to collect your debt in any way. However, our lenders have the right under the legislation to demand your debt if you have an unpaid loan. To do this, lenders must comply with the Fair Debt Collection Practices Act.
Some of the actions that qualify as violations under this act are the following.
- Using threats, insults, or obscene language when collecting a debt
- Contacting debtors before 9 a.m. or after 8 p.m. of the debtor’s local time
- Falsification of information, fraudulent attempts to demand the debt
- Threats of criminal liability and other legal actions if they are not justified
If lenders operating on our platform are found to have violated regulations, their cooperation with the PDLoans247 service is immediately terminated. In addition, in such cases, we immediately report them to the legislative authorities.
Fair Lending Act
This act was designed to give all customers equal access to credit, regardless of the following factors:
- religious beliefs
and others not related to financial matters.
The act states that all clients have access to loans and other types of credit as long as they meet the financial and legal requirements. The Fair Lending Act prevents discrimination against customers when they wish to obtain credit of any kind.
If you think you have experienced discrimination against yourself, contact your local Consumer Financial Protection Bureau’s Equal Opportunity and Fair Lending Office.
Truth in Lending Act
This act was designed to establish the right of customers to receive full information about a loan offer in written form before taking any formal responsibility and signing a contract (i.e., before deciding to accept a loan offer).
Lenders must provide data on the following credit indicators before issuing it:
As we mentioned earlier, the nuances of short-term loan legislation vary from state to state. Lenders are responsible for making sure that their offers meet the legal provisions.
Legislative Requirements in the Different States
Many states have their own legal requirements for short-term loans to protect customers. These can include the following:
- fees and interest;
- maximum possible loan amount;
- rollover availability;
On our website, you will find detailed information about the legal regulations in the different states.