Lending Policy - Action Payday

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Responsible Lending Policy

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State Regulations

lenders and lending partners are required to abide by applicable federal, state and local laws. This may include interest rate limits, loan terms, limits on rollovers, the number and frequency of loans, fees, and more. Before you accept any loan, you should educate yourself in regard to the loan you are seeking, including the rules, regulations and laws that might apply to that loan and the lender or lending partner offering it.

Truth in Lending Act (TILA)

The Truth in Lending Act requires lenders and lending partners 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 executed. lenders and lending partners may not offer terms that exceed any applicable laws, regulations, or rules. Most specific terms of your loan will be governed by the applicable state law.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act requires that all lenders and lending partners 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 (including loans) Requires Disclosure of Personal Information

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

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.

This website is not an offer to lend. ActionPayday.net is not a lender or lending partner and does not make loan or credit decisions. ActionPayday.net connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. ActionPayday.net does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. ActionPayday.net receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, ActionPayday.net’s service is always free to you. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where ActionPayday.net does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

By submitting your information via this website, you are authorizing ActionPayday.net and its partners to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and TransUnion, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize ActionPayday.net to share your information and credit history with a network of approved lenders and lending partners.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. ActionPayday.net has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.