Responsible Lending Policy

State and Federal Regulations

Lenders and lending partners must comply with all applicable federal, state, and local laws. These laws may regulate interest rates, loan terms, fees, rollover limits, and the number or frequency of loans.

Before accepting any loan, we encourage you to understand the rules and regulations that apply to the loan you are considering, as well as the lender or lending partner offering it.

Truth in Lending Act (TILA)

Under the Truth in Lending Act, lenders and lending partners are required to clearly disclose, in writing, the total cost of your loan, including interest rates, fees, and repayment terms. This information must be provided before you agree to any loan.

Lenders may not offer loan terms that exceed legal limits, and many loan details are governed by the laws of your state of residence.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act requires lenders and lending partners to follow fair lending practices. It authorizes the Consumer Financial Protection Bureau (CFPB) to enforce regulations that prohibit abusive or unfair lending.

These rules are designed to ensure equal treatment of consumers with similar credit qualifications, regardless of race, ethnicity, gender, or age.

Identity Verification and Account Opening

Federal law requires financial institutions, including lenders and lending partners, to verify the identity of individuals opening new accounts or applying for loans.

To comply with these requirements, you may be asked to provide personal information such as your name, date of birth, address, Social Security number, and other identifying details. You may also be required to present a valid state-issued or federal identification to confirm your identity.