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Our main goal is to help and guide consumers in matters related to lending. Moreover, we protect them from defaulting lenders. eDayPayDay.com provides useful information to its clients. It gives practical advice on how to manage their finances in order to avoid excessive debt and to get the maximum benefit from the use of payday loans. You will learn everything about the industry of short term loan throughout this site.
Fair Debt Collection Practices Act
We maintain that our lenders must follow the guidelines put in place by the Fair Debt Collection Practices Act. We are not a lender, so we will never make any attempt to collect a debt from you. However, our lenders have the right to use all lawful means available to them to collect your debt if your loan is unpaid. They must follow the guidelines of the Fair Debt Collection Practices Act when doing so, and the Act cites all of the following as violations:
- Using any harmful, oppressive, foul or harassing language or tactics in order to collect debt.
- Attempting to contact debtors before 9am or after 8pm in their local time zones.
- Using deception, falsifying information or misrepresenting a company in order to collect a debt.
- Threatening criminal charges or any legal action when such legal action is not warranted.
Any lender within our network who is found to be in violation of these guidelines will be immediately removed from our network and reported to law enforcement.
Fair Lending Act
The purpose of the Fair Lending Act is to ensure that all consumers have equal access to credit despite their age, race, creed, gender, religion or other non-financial factor. The Act ensures that consumers are not discriminated against and that they have access to the loan and other forms of consumer credit as long as these consumers can meet the legal and financial guidelines associated with obtaining such credit. If you feel that you are a victim of discrimination, please contact the Equal Opportunity and Fair Lending Office of your local Consumer Financial Protection Bureau.
Truth in Lending Act
The Truth in Lending Act was established to ensure that consumers have all of the information about an offer of credit available to them in writing before they are extended any credit. Lenders are required to disclose information about the rates, fees, interest and terms associated with loans before they provide any credit to any consumer. Some states have their own regulations when it comes to short term lending, and lenders are required to ensure that all offers are in accordance with these regulations.
We have made it a priority to educate consumers about short term lending. Our financial experts have worked diligently to provide information about various aspects of the industry on this website in a manner that is easy to read and understand. This will allow you to better understand the laws and your options when it comes to obtaining credit. You may also find information about alternatives to short term loans that may work better for your exact financial situation.
Many states have implemented their own regulations for the short term lending industry in an effort to protect consumers. Some of the things individual states regulate include the maximum loan amounts, fees and interest, the number of rollovers that are available and more. Information about the regulations in specific states can be found in our Rates and Fees section of this website.
Representative APR Range
eDayPayDay.com is not a lender and does not provide short-term loans but refers consumers to lenders who may provide such loans. eDayPayDay.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and your lender. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process. The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on.
Implications of Late Payment
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date. Your lender will set its own late payment fees in accordance with state regulations, and your lender has several courses of action available to them if your payment is late. For more information about your lender's specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly.
Implications of Non-Payment:
The costs associated with loans of up to $500 range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.Collection Practices:
The majority of the lenders in our network will not sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act which protects consumers from being abused or harassed by debt collectors.Impact on Credit Score:
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies - Experian, Equifax and Transunion. This negative report will be reflected on your credit history indefinitely until the loan is repaid in full. After the lender has received payment in full, they will report this to the credit reporting agencies and the report will be removed from your record.