Consumers Can Now Learn About Their Rights As Borrowers
Online PR News – 06-November-2012 – LOS ANGELES, CA – Check Depot announces the addition of a new article on its website that helps visitors learn more about cash loan lending policy. This resource, which is entitled “Lending Policy,” provides an overview of state laws around the country that quick cash loan lenders must follow to be able to lend money. With the article, customers can also learn about federal banking regulations such as the Truth in Lending Act. Check Depot is providing its new material to help consumers become make smart choices when it comes to borrowing money.
“Check Depot is committed to offering the latest and most comprehensive resources that aid consumers in making the decision to apply for a cash loan through our website,” says Check Depot spokesperson Michael Vaughn. “Our new article gives site visitors the knowledge they need to feel comfortable working with one of our network lenders.”
Lenders who work within the Check Depot network are obligated under the federal Dodd-Frank Wall Street Reform Act to offer borrowers equal access to credit. The article explains to readers that they should contact the Consumer Financial Protection Bureau if they believe that lenders have violated their right to receive a loan. Furthermore, customers are instructed to contact the agency if a lender fails to comply with the Truth in Lending Act, which mandates that lenders disclose all interest rates and fees in writing to potential borrowers before they sign for loans.
The article also offers customers information about regulations outlined in the federal Fair Debt Collection Practices Act. If lenders violate these provisions, borrowers are advised to contact the Federal Trade Commission. It also discusses how loan interest rates, origination fees, late fees and repayment terms are established by state law and notes that loan rollovers are also regulated by state law but may not be allowed in some states. Additionally, the piece explains how borrowers should handle loan repayment issues, stating that they must contact their lender if they have a problem repaying their loan.
In addition to outlining federal and state regulations, the new article also lists the qualifications that applicants must possess to be eligible for a loan. Among these are that they must earn at least $1,000 per month after taxes, have a checking account in their name, have a valid phone number and email address, and be either a U.S. citizen or permanent resident. Loan approval generally happens just minutes after an application is submitted, and customers can receive their loan within 24 hours.