Responsible Lending Policy
PaydaySeek is not a lender and does not provide any kind of lending service. We do not represent or endorse any financial institution including banks and lenders. Instead, we put you in contact with lenders who offer financial products and services in which you express interest.
We verify the lenders in our network, taking responsible and reasonable efforts to make sure that they operate within the full extent of the law, practice fair lending, provide legitimate loan offers, and live up to the industry’s highest standards.
To help you understand what these standards may include, we provide you with information and material designed to educate and answer any questions about short-term loans and lending practices. See the clauses below for basic information about consumer protections regulated by federal and state governments. Please read these clauses carefully to better understand your rights, options, and responsibilities as a consumer and make informed decisions about your finances.
Fair Debt Collection Practices Act
Our lenders are required to follow the Fair Deb Collection Practices Act (“FDCPA”), which prohibits them from (i) harassing you verbally or physically in an effort to collect debt; (ii) contacting you between the hours of 8 p.m. and 9 a.m. according their local time zones; (iii) using deception, fraud, or other such misrepresentation in attempts to recover debt; (iv) make any unwarranted threats, including threatening unwarranted legal action or charges.
Lenders have the right to use any legal means to collect outstanding debt. If a lender in our network is found to have violated any part of the FDCPA, we will immediately remove them from our network and report the violation to regulating bodies including law enforcement.
Please note that because we are not a lender, PaydaySeek will never make any attempt to collect debt from users.
Fair Lending Act
The Fair Lending Act prohibits discrimination against consumers. Lenders must allow equal access to financial products and services regardless of any consumer’s age, creed, gender, race, religion, or other any factor of a non-financial nature that is not associated with legal or financial guidelines. Please report any instances of discrimination to the Equal Opportunity and Fair Lending Office, which you will find within your local Consumer Financial Protection Bureau.
Truth in Lending Act
Lenders must provide consumers with all information about any offers of credit, in writing, prior to making the offer in accordance with the Truth in Lending Act. This law prohibits lenders from withholding any information from you, the consumer, prior to any formal agreement between you and the lender. The information lenders must disclose includes all terms, such as stipulations about rates, fees, interest, etc., associated with any financial product or service, including credit, they provide to a consumer.
Your state of residence has its own set of laws regulating short-term loans and lending. Lenders must adhere to all of these laws at all times in their communication and cooperation with you.
Consumer protections include careful, active management of industry regulations on the part of federal and state governments. Individual states may place restrictions on the maximum amounts of loans, fees, or interest, as well as renewals or rollovers. For more information on these particular restrictions, see the Rates and Fees page on the Website. The Rates and Fees section also provides links to official state-run resources that explain the most up-to-date short-term loan regulations and requirements as they vary from one state to another.