Here at Find Me A Loan Today, we only work with responsible lenders, who are dedicated to treating their customers fairly. To help you gain a better understanding of how responsible lending works, we’ve outlined this in more detail below.

State Regulations

Lenders are required to abide by applicable federal, state and local laws. This may include interest rate limits, loan terms, limits on rollovers, as well as the number and frequency of loans and fees. Before you accept any loan, you should learn more about the type of loan itself, as well as the lending practices of the loan provider. This may include the rules, regulations and laws that might apply to your loan or lender.

Truth In Lending Act (TILA)

The Truth In Lending Act requires lenders to give you, in writing, the exact fees, interest rate and other details regarding your loan. This should be presented to you prior to any agreement being signed. Lenders may not offer terms that exceed any applicable laws, regulations, or rules. Most of the specific terms of your loan will be governed by applicable state law.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act requires that all lenders in the US practice fair lending. The Act empowers the Consumer Financial Protection Bureau (CFPB) to issue regulations that prohibit abuse and unfair lending practices, which includes regulations designed to prevent disparities among consumers of equal creditworthiness but are of a different race, ethnicity, gender or age.

Opening a New Account Requires Disclosure of Personal Information

Federal law requires lenders and other financial institutions to know who they are working with. The law is designed to prevent money laundering and funding of terrorist networks. Therefore, you may be required to provide your name, date of birth, address, social security number and other information, when you make a loan request. Your lender may ask you to provide a valid state or federal ID to verify your personal information too.