Responsible Lending Policy
We CashPandaLoans.com (the “Website”) are committed to responsible lending practices. We make sure to carefully review each lender in our network and Network Partners to ensure good practices in treating customers fairly and adherence to lending laws.
All the lenders accessible via this Website are required by law to accept all rules and regulations of State and Federal governments. Please carefully read the following information to understand our responsible lending policies.
Disclosure of APR and Fees
The Truth in Lending Act (TILA) states that all lenders must adhere to its content. Before signing up for a loan, your lender will deliver to you evidence showing the precise details of your loan terms, including interest rates, fees, late penalties, and all other details pertaining to their loan. If borrowers do not receive this, they should firmly request the loan terms from their lenders.
Federal and State Regulations
All lenders accessible via this Website are by law required to accept all rules and regulations of State and Federal governments. Each state also has their own laws that govern installment loans.
Frank-Dodd Wall Street Reform Act (Fair Lending)
This act stipulates that lenders must follow fair lending practices, defined as “fair, equitable, and nondiscriminatory access to credit for consumers”. If you feel that your lender is not following these rules please contact us and file a complaint with the Federal Trade Commission.
Commitment to Fair Debt Collections
Although we are not a lender and we do not collect debt from our users, we want you to be aware that our lenders must abide by the Fair Debt Collection Practices Act. This act prohibits debt collectors from abusing their power to collect debt or from collecting debt in an unreasonable way.
Any collections activities by a third-party debt collectors would be governed by the Fair Debt Collection Practices Act (FDCPA). This is overseen by the Federal Trade Commission. The act requires that they comply with fair debt collection practices, including:
- Not contacting you by phone outside the hours of 8:00 a.m. through 9:00 p.m.
- Not harassing you or using abusive language towards you over the telephone.
- Not using deception to try to collect money from you.
- Not threatening you with legal action if it is not permitted.
We are happy to help direct consumers to report any scams. If you have encountered a scam, please report it to an agency that protects consumers such as the Better Business Bureau.