State Regulations

Lenders and lending partners must comply with all relevant federal, state and local regulations. This may involve interest rate caps, loan duration, restrictions on renewals, the number of loans available, costs and more. Prior to taking out a loan, you should familiarise yourself with the relevant loan you are applying for, including the laws and regulations surrounding the loan and the lender or lending partner offering it.

Truth in Lending Act (TILA)

The Truth in Lending Act necessitates that lenders and lending partners disclose the exact fees, interest rate, and all other relevant information about your loan in writing before any agreement is reached. No lender or lending partner may offer conditions that break any applicable laws, regulations, or rules. The majority of the particular terms of your loan will be managed by the applicable state law.

Dodd-Frank Wall Street Reform Act

The Dodd-Frank Act demands that lenders and partners in lending uphold fair practices. This Act grants the Consumer Financial Protection Bureau (CFPB) the authority to establish regulations intended to prevent exploitation and unjust lending practices, including regulations designed to stop distinctions among consumers with similar creditworthiness but of different race, ethnicity, gender or age.

Opening a New Account (including loans) Requires Disclosure of Personal Information

Lenders, lending partners, and other financial institutions are mandated by federal law to be aware of who they are dealing with. This law seeks to prevent money laundering and the financing of terrorist networks. As a result, you could be asked to give your name, birthday, address, social security number, and other details. You may also be asked to present a valid state or federal ID to confirm your personal information.