Lending Policy

DirectDepositLoans.com, a website offering payday loans from trusted lenders through a specialized application gateway, is dedicated to making sure consumers make the right choices in payday loans and are protected from predatory lenders. Borrowers need to make informed decisions about undertaking payday loans; read on to learn about lending policy at the federal and state level.

Fair Lending Provisions

Fair lending provisions in the United States are defined as “fair, equitable and nondiscriminatory access to credit for consumers” by the Dodd-Frank Wall Street Reform Act. This act, defining the standards for fair lending, also tasks the Consumer Financial Protection Bureau with the enforcement of these defined regulations. DirectDepositLoans.com does not anticipate any issue with the lenders in our trusted network, but if any issues should arise, borrowers are urged to file complaints with the Consumer Financial Protection Bureau.

Fair Debt Collection Practices

The Federal Trade Commission enforces the provisions set forth by the Fair Debt Collection Practices Act. DirectDepositLoans.com, though not a lender but instead a gateway to a network of trusted lenders, requires that all lenders follow the fair debt collection practices set forth by the act and enforced by the FTC. Should any of the following occur, borrowers should not hesitate to contact the FTC:

  • Lenders contact borrowers by telephone outside of the appropriate window for communication (8AM-9PM)
  • Lenders contact borrowers by phone in a harassing manner, or use abusive language
  • Lenders attempt to collect debt through misrepresentation or outright deception
  • Lenders threaten legal recourse when no legal recourse is permitted

Lenders found to be violating any of these or other Fair Debt Collection Practices Act regulations will be removed from the trusted lender network and DirectDepositLoans.com will not hesitate to contact the FTC.

Truth in Lending

The Truth in Lending Act has been set forth to require that lenders present, in writing, any and all loan fees, rates, rollover charges, and other details in writing before a loan contract is entered into by a borrower. This allows borrowers to know all loan terms beforehand and not be faced with hidden fees or rate increases. DirectDepositLoans.com’s lenders are bound by these practices.

Educating Customers on State Regulations, Late Payment and Non-Payment

DirectDepositLoans.com provides educational resources on the payday loan process, as well as state regulations regarding payday loan terms. Not all loan regulations are federal, as different states have different standards regarding rollover limits and fees, loan terms, interest rates, and other aspects of the lending industry.

For example, loan renewal policies are generally regulated by the states. Some states allow rollovers, sometimes known as repayment term extensions, which may add substantial payment amounts to the end loan price. View our resources to learn particular state laws regarding loan renewal before signing a loan in your state.

Our lenders also have varying policies regarding late payments and non-payment. Late payment policies, like other loan terms as dictated by the Truth in Lending Act, must be detailed in loan documents presented before the loan is agreed to. Lenders must also agree to each state’s regulatory legislation.

Continue reading our resources on lending policies and processes and learn more today.