Responsible Lending

Our Commitment to Responsible Lending Practices

AdvanceLoan provides information about lenders and matches consumers with personal loan providers. However, we are not a lender, and we do not endorse any particular financial institution. Our goal is to connect consumers with accredited companies within our network. Once you complete our convenient, free online form, you can review detailed product information or request a personalized rate quote.

Shopping for a personal loan is a complex and sometimes confusing process, especially since rules and regulations vary by state. We're here to help you compare your options and find the right loan or lender for your needs. To that end, we provide a variety of educational resources designed to answer your questions and help you understand the industry.

This page covers the basics of responsible lending and outlines federal laws created to protect consumers from unfair business practices. Before shopping for a loan, we encourage consumers to review all of the information on this page. We also recommend that you take a moment to read our FAQs, Rates and Fees section and How It Works guide to make an informed decision about your financial future. Here's an overview of the most common consumer protection laws.

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act is a federal law that describes how and when creditors and debt collectors may recover outstanding balances. Because we are not a lender, we will never attempt to collect funds from a consumer who has used our service. However, third-party providers do have a right to recover unpaid funds using lawful means as described in the Fair Debt Collection Practices Act. We require affiliated lenders to follow all FDCPA regulations. If violations are suspected, we will notify appropriate agencies and remove the lender from our network immediately. Lenders are prohibited from using the following practices, among others, to collect debts:

• Harassing debtors or using abusive language
• Contacting debtors before 9 a.m. or after 8 p.m. local time
• Contacting consumers at work after prior do-not-call requests
• Threatening criminal charges or legal action unjustly
• Using false information or deceptive tactics

Equal Credit Opportunity Act

The Equal Credit Opportunity Act is an antidiscrimination law created to ensure that all consumers have access to credit. Under the ECOA, it's unlawful for lenders to discriminate against applicants based on their gender, age, marital status, race, religion or national origin. Additionally, creditors cannot deny loan applications because the applicant receives public assistance. Lending decisions must be based solely on the consumer's ability to repay the loan while meeting legal and financial requirements. It also limits what types of questions lenders can ask on credit applications. Consumers are encouraged to report financial discrimination to the Federal Trade Commission and their state's consumer protection bureau.

Truth in Lending Act

The Truth In Lending Act protects consumers from unfair, inaccurate or deceptive billing and lending practices. It requires creditors to provide detailed information about all aspects of an offer of credit before the consumer completes the contract or loan paperwork. Lenders must disclose the annual percentage rate, term of the loan and the total cost to the borrower. Additionally, each state has specific requirements for how online lenders must present this information before requesting the consumer's electronic signature.

State Regulations

Many states have implemented additional consumer protection laws that apply to traditional and online lenders. These rules define minimum and maximum loan amounts, terms, interest rates and fees as well as regulations governing loan rollovers. You can find general information about state-specific policies in our Rates and Fees guide. We encourage consumers to visit their state's consumer protection board or financial regulatory agency's website for more detailed and up-to-date information about personal loans and other financial products.