TotalPersonalLoan.com Responsible Lending
Effective Date: January 1, 2019
TotalPersonalLoan only works with professional lenders for the benefit of our customers. This ensures responsible lenders that avoid abusive, fraudulent or misleading lending practices. We strive to provide borrowers with relevant information to assist you in making an informed and responsible loan decision. We are dedicated to providing information about the loan request process and your responsibilities as a consumer.
Once connected with a lender, we recommend that you review the terms and conditions associated with your loan offer. There is no obligation to accept a loan offer and there are no fees required to request a loan.
A personal loan is an installment loan that is repaid over time. At TotalPersonalLoan you can request for between $100 and $35,000. These loans are intended for short-term financial relief, and are not intended to be solutions to long-term financial issues.
Consumers who have credit problems or who are facing debt should seek professional debt and credit counseling. Consumers are encouraged to learn of the risks involved with taking out loans, loan alternatives that may be more suitable to your needs and/or financial situations, and any local and state laws applicable to loans in your state.
We strongly recommend that you review the terms and conditions associated with your loan offer as you are fully responsible for abiding by the terms of your loan agreement. By accepting the terms and conditions associated with your loan offer, you are agreeing to repay the loan principal and finance charges according to the time frame detailed in the documents provided to you by your lender or lending partner.
It is important to understand the consequences of making late payments or non-payment on your loan. Each lender has its own policies on how to handle late payments as governed by state regulations. TotalPersonalLoan does not control the amount of fees and/or penalties you may with non-payment, late payment, or partial payment.
Fair Lending Practices
Many of the laws that protect borrowers are federal regulations known as Fair Lending Laws. Below are some important Fair Lending Laws in effect throughout the U.S. mandated by the federal government.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is meant to protect consumers from lenders who engage in unfair lending practices. Title X (the Consumer Financial Protection Act, or CFPA) of Dodd-Frank authorizes the Consumer Financial Protection Bureau (CFPB) with the ability to enforce Fair Lending Laws. All consumers that use these services are urged to file a complaint with this agency in the event a problem arises regarding their loan.
The Truth in Lending Act (TILA) is designed to promote informed use of consumer credit by requiring disclosures about loan terms, costs, and fees in writing before the consumer takes any responsibility for the loan. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on the consumer’s dwelling, provides a manner for fair and timely resolution of credit billing disputes and regulates credit card practices. The Act does not, however, regulate the charges that may be imposed for consumer credit. The lenders in our network are required to provide consumers with clearly written and identifiable interest rates, late fees, rollover charges and any other fees that may be associated with their loan before the consumer signs the loan documents.
The Equal Credit Opportunity Act (ECOA) prohibits the lenders from discriminating against any borrower on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to contract), because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under Consumer Credit Protection Act (CCPA). ECOA also sets forth requirements for accepting applications and providing notices of any adverse action taken on the application within 30 days of receiving a completed application.
The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Under the FCRA, it is the consumers’ right to:
- Be told if information in their file has been used against them;
- Know what is in their file;
- Receive one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies;
- Request a credit score from consumer reporting agencies for a fee;
- Dispute incomplete or inaccurate information in their file, whereas consumer reporting agencies must correct or delete such information;
- Limit access to their file to people with a valid need for access; and
- Limit unsolicited offers of credit and be given opt out rights of such communications.
Debt Collection Practices
TotalPersonalLoan.com supports all provisions of the Fair Debt Collection Practices Act (FDCPA), which is enforced by the Federal Trade Commission (FTC). We are not a lender and we do not fund loans, therefore we do not engage in debt collection practices. However, we only with responsible lenders that observe FTC policies and practice fair debt collection.
If at any time a lender does not conduct itself properly or violates a debt collection law or regulation, including any FDCPA statute, we suggest that you report the lender and such violations to the FTC. Any lender within our network found to be in violation of these guidelines will be immediately removed from our network and reported to law enforcement.