Responsible Lending Policy
At iloansnow.com, we are committed to protecting our customers from scammers who are involved in unscrupulous lending practices. We educate and inform our customers about how to make smart loan decisions, and about all of the options they have available to them.
Fair Debt Collection Practices Act
iloansnow.com adheres to the provisions set forth by the Fair Debt Collection Practices Act. We are not loan lenders, therefore we do not and cannot collect debt from customers repaying their cash loans. Only our lenders can do so. Additionally, the installment & instant loan lenders in our network have to follow the statutes set forth by the Fair Debt Collection Practices Act. Debt collectors may not engage in any conduct with customers perceived to be harassing, oppressive or abusive. The following are violations:
- Threatening legal resource, when no legal action is permitted.
- Trying to collect debt from consumers through misrepresentation.
- Trying to contact customers with intent to annoy, abuse, harass, or use profane/ inappropriate language at anytime.
- Trying to reach a consumer anytime before 8am or after 6pm.
If for any reason our instant loan lenders violate any of these laws, or other FDCPA statutes, iloansnow.com will break all ties and report them to the Federal Trade Commission, or FTC.
Fair Lending Act
Our lenders abide by the Fair Lending Act which means they must provide fair, equitable and nondiscriminatory access to credit for all customers. If you have any issues with cash loans from our instant loans lenders, you need to file a complaint with the Consumer Financial Protection Bureau’s Office of Fair Lending and Equal Opportunity.
Truth in Lending Act
Our policy follows and recognizes the laws and regulations of the Truth in Lending Act, a federal law that regulates the credit market and sets minimum standards for the information that a creditor must provide in a credit contract. These laws are set by Fair Lending Laws. Before a customer accepts an instant cash loan from a lender, the lender has to provide the customer with all of the charges and fees associated with the loan. Certain states have variances in the laws so customers need to make sure to thoroughly review and understand the laws before signing an agreement.
Educating the Consumer Pledge
We provide educational resources at no cost to our customers. Our qualified team of financial professionals have gathered information regarding laws and regulations that apply in each state. Additionally, we provide information on other financial options you may want to consider.
Each state has their own specific jurisdiction laws they must obey regarding fees, limits and timeframes between loans, and loan amounts. Further information regarding each state’s rules and regulations can be found in our Rates and Fees section.