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Responsible Lending Practices

MoneyZap does not promote, endorse, or represent any lender, nor do we give loans ourselves. But we aim to match you with lenders offering products that align with the needs you submitted in our Web application.

We spare no effort to ensure that all the lenders in our network are legitimate and qualified loan providers who obey local, state, and federal laws and industry best practices. We also make every effort to ensure that all loan providers follow fair and responsible lending practices.

Considering that many states have their own defined regulations concerning short-term loans, we are aware that the industry can be a great deal to handle. For that reason, we provide you with educational materials and other information necessary to answer frequently asked questions regarding short-term loans in the U.S.

After reading this section, you will get basic information concerning the U.S.'s primary laws and acts protecting consumers from unfair short-term loan practices. We highly recommend that you review this information and our How It Works, FAQ, and Rates and Fees pages. That way, you can have a better understanding of the credit options available to you. This can help you make more informed and reasonable credit decisions.

Fair Debt Collection Practices Act

We mandate all the partner lenders in our network to adhere to the Fair Debt Collection Practices Act and the subsequent guidelines that it prescribes. We are not lenders and we do not provide a lending service, so we shall never attempt to collect your debt. However, our partner lenders have every legal right to collect your debt through legal means if you have an outstanding loan. The lenders must obey the provisions of the Fair Debt Collection Practices Act in their loan collection processes. Here are some actions that are considered violations:

  • Use of malicious, foul, harassing, or vulgar language to collect a debt;
  • Contacting debtors before 9:00 a.m. or after 8:00 p.m. (depending on the debtor's time zone);
  • Using false information, deceptive tactics, or misinterpreting a company in a bid to collect a debt;
  • Threatening debtors with criminal charges or some other forms of legal action where they are not appropriate or necessary.

Any lender in our network who is found guilty of violating the above-stated guidelines shall be dismissed from the network right away. In addition, we shall report them to law enforcement to face legal action.

Fair Lending Act

The Fair Lending Act was designed to provide all consumers with equal access to credit, irrespective of their gender, age, race, creed, religion, or any other non-financial determinant. The Act guarantees that all consumers have access to loans, including all forms of consumer credit, provided they are able to fulfill the financial and legal obligations and guidelines related to such credit. The act prohibits any form of discrimination against consumers when they are attempting to access such forms of credit. If you feel you have been discriminated against, you can file a complaint with the Equal Opportunity and Fair Lending Office of your local Consumer Financial Protection Bureau.

Truth in Lending Act

The Truth in Lending Act was designed to ensure that consumers have all the necessary information about a credit offer provided to them in writing before taking any form of responsibility and e-signing the contract or before making a decision to extend any credit offered. Lenders are mandated to disclose all rates, fees, interests, and terms related to a loan to the consumer before they are permitted to provide any credit. Every state has its particular regulations pertaining to short-term lending, and lenders must ensure that all their offers and practices are in accordance with their state regulations. 

State Regulations

Many states have their own specific regulations pertaining to the short-term lending industry intended to protect consumers. Aspects of regulations that may differ from state to state include interest, fees, maximum allowable loan amount, rollover options, and others. You can visit our Rates and Fees page to learn more about the regulations set in place by different states. There, you will find links to government websites containing responsible lending practices.