Responsible Lending Policy
Our Policy on Responsible Lending
LoanUp.com is entirely dedicated to keeping our borrowers safe from illegal lending practices which are often performed by disreputable cash loan lenders. We strive to provide borrowers with adequate information to help ensure they are able to make safe and responsible decisions regarding their credit.
Truth in Lending Act
The rules and practices we follow are entirely in line with the guidelines provided by the Fair Lending Laws, specifically including the Truth in Lending Act. All borrowers will be provided with the exact charges, fees, interest rates, rollover provisions and all other relevant information concerning their loan in writing prior to acceptance of bad credit loan. All rules and regulations concerning your loan can be easily checked against the laws in your state by referring to the Consumer Resource Center.
The Dodd-Frank Wall Street Reform Act states that all lenders, including cash loan financiers, should always practice “fair lending.” This means that lenders must provide consumers with reasonable and equal access to bad credit loan. The Reform Act goes on to require that lenders strictly adhere to the fair lending regulations and participate with the Consumer Finance Protection Bureau (CFPB). All borrowers who use LoanUp.com are strongly encouraged to file a complaint through the CFPB if there are any problems regarding their loan.
Fair Debt Collection Practices
In compliance with the Fair Trade Commission, LoanUp.com complies with all requirements defined in the Fair Debt Collection Practices Act (FDCPA) for all borrowers. LoanUp.com is not the financial lender, but provides a connection between our borrowers and a network of approved lenders. All lenders in our network are required to follow the following guidelines when communicating with our borrowers:
- They may not communicate with borrowers by telephone before 8AM or after 9PM
- They may not harass, use offensive language against, or otherwise upset the borrowers
- They may not attempt to deceive borrowers using any falsehoods while attempting to collect a debt
- They may not make legal threats toward borrowers without the legal authority to do so
Any lender that is found to have violated any of these requirements or any other FDCPA statute will be removed from the LoanUp.com network of lenders. LoanUp.com will also report them to the Federal Trade Commission.
LoanUp.com is dedicated to helping all consumers report any illegal or unethical acts made by any cash loan lender who attempts to take advantage of consumers. Consumers are encouraged to communicate with each other through online forums such as “SCAM REPORT” to help ensure any illegal activities are reported to the appropriate agencies, like the Better Business Bureau.
LoanUp.com and all lenders which operate in our network adhere to all state and local regulations and laws concerning consumer lending. We require strict compliance from our network of lenders in all areas including, but not limited to: interest rates, cool off stages between credits, presentment boundaries and rollover restrictions and charges.
Our Pledge to Inform Consumers
LoanUp.com provides access to an abundant amount of information free of charge. This information was gathered and compiled by our team of financial experts. The Consumer Resources section of our website offers an extensive number of facts and definitions concerning lending laws and regulations in all 50 states. You may read your specific state”s laws and available agencies in place to help protect consumers in addition to finding options for bad credit loan in your area.