Responsible Lending Practices
AdvanceSOS neither supports or represents any lender nor provides lending services. However, AdvanceSOS strives to find lenders for its clients whose loan products meet the needs that they have indicated in the web form.
AdvanceSOS makes reasonable efforts to ensure that all related lenders are legitimate credit service providers that comply with both local, state, and federal laws. Moreover, these are the best industry practices for financing.
As a team, we do our best to ensure that credit providers have fair and prudent lending practices. Many states have their own rules for short-term loans. However, the industry can be quite confusing. As such, we provide clients with educational materials and other information needed to answer frequently asked questions about loans within the United States.
You will be provided with basic information about major US laws and regulations that protect consumers from poor short-term online lending practices. We recommend that you review this information. This way, you will be able to understand better the loan options that are available to you. It can also help you make smart and informed decisions.
Fair Debt Collection Practice Act
The AdvanceSOS team insists that contractual creditors comply with FDCPA and the subsequent guidelines it sets out. Our creditors have every right to use legal means to collect your debt if you have an outstanding loan. However, creditors must follow the provisions of the Act.
The actions considered violations include:
– Falsifying information, using deceptive tactics, or misleading the company in order to collect a debt.
– Use of harmful tactics or repressive or abusive language to collect the borrower’s debt.
– Appeal to debtors before 9:00 AM or after 8:00 PM (according to the local time zone of the debtors).
– Threats of criminal prosecution or any other form of legal action if such actions are not justified. If a lender is found to be violating these rules, they will be removed from the network immediately. In this case, we will report them to law enforcement agencies.
The Truth in Lending Act
This act was created to ensure that consumers have all the necessary information about a loan offer available to them in writing before they assume any responsibility and electronically sign a contract (or they decide to extend any loan offer). Lenders must inform the consumer of the rates, interest, conditions, and fees associated with a loan before they are allowed to extend any loan. Each state has its own rules for short-term loans, and lenders must ensure that all their offers comply with each rule.
Fair Lending Act
This act was created to provide consumers with equal access to credit, regardless of their age, gender, race, religion, creed, or any other non-financial factor. This law ensures that all consumers have access to credit as well as other types of consumer credit, provided that they can meet the financial and legal requirements associated with obtaining such credit. The law prevents any discrimination against consumers when they attempt to obtain these forms of credit. If you believe you have been discriminated against, contact your local Equal Opportunity and Fair Consumer Financial Protection Bureau.
State Regulations
A large number of states have their own short-term lending industry regulations to protect consumers. Some of the regulations which may vary from state to state include fees and interest, maximum loan amount, rollover availability, and more. Visit the Fees page for more information on state-specific rules. We will provide you with links to relevant government websites as well as detailed explanations of state-to-state short-term interest rate limits and regulations.