Responsible Lending Practices

We do not endorse or represent any lender, nor do we provide loans ourselves. However, the lenders in our network may be able to help you if their loan products meet your needs.

All of the lenders in our network are legitimate and follow local, state, and federal laws as well as industry best practices. We also vet all of the lenders in our network to make sure they follow fair lending practices.

We know the ins and outs of short-term loans in each state, so you don’t have to feel confused. We provide educational materials and other helpful information frequently asked questions about short-term loans within the U.S.

After reading this section, you will know the main laws in the U.S. that stop lenders from using unfair practices against consumers who take out short-term loans. It’s crucial that you read this information before making any kind of credit decision so you can be sure you’re acting reasonably and with all the facts at hand.

Fair Debt Collection Practices Act

All of our contracted lenders are required to follow the Fair Debt Collection Practices Act. We do not offer a lending service and will, therefore, never try to collect your debt ourselves. However, if you have an unpaid loan with one of our lenders, they reserve the right to use lawful means of collection. Some examples of collection practices that violate the Fair Debt Collection Practices Act are:

Using violent or oppressive language when communicating with debtors
Making frequent, unnecessary phone calls to debtors
Calling debtors too early or too late in the day;
Committing fraud, using coercion, or lying about a company in order to collect a debt;
Over-threatening with criminal charges or any other moot legal action.

We will remove any lenders from our network immediately if they violate these guidelines and report them to law enforcement.

Fair Lending Act

The Fair Lending Act protects consumers from being discriminated against when they apply for loans or other types of credit. This means that all consumers have an equal chance to get the money they need, as long as they meet the financial and legal requirements associated with taking out a loan. The Act makes sure that everyone has access to credit, regardless of non-financial factors like age, gender, race, religion, or creed. If you believe that discrimination has occurred, reach out to your local Consumer Financial Protection Bureau’s Equal Opportunity and Fair Lending Office.

Truth in Lending Act

The Truth in Lending Act (TILA) was designed to ensure that consumers have all the required information about a credit offer available to them electronically or in writing before taking on any responsibility related to the loan contract. This means that lenders must disclose rates, interest, terms, and fees associated with a loan offer to the consumer before they can extend any form of credit. According to TILA Regulations set by each state’s government, every short-term lender is different and as such offers may vary. Lenders must make sure that their entire business practices are compliant with each regulation set forth by TILA.

State Regulations

To protect consumers, a vast number of states have implemented their own laws and regulations surrounding the short-term loan industry. For example, some areas where regulation might differ from state to state include fees and interest rates, the maximum amount that can be borrowed at one time, whether rollovers are available, etc. If you want to learn more about the rules set in place by particular states, check out our Rates and Fees page . On this page we will give you links to government websites with explanations of how rate limits and other regulations vary from state to state when it comes to short term loans.

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Disclaimer
Short-term loans are short-term credit solutions with small amounts intended for temporary financial difficulties only that can quickly become a pricey alternative.www.johnthomasfinancial.com does not offer loans or make credit decisions, and it is free to use. This website only provides a matching service between users and lenders or third parties; it connects people who need loans with businesses that can provide them. There are no fees associated with using this site, and users are under no obligation to accept loan offers they receive through the site. The website presents all data on short-term loan products and the industry for informational purposes only. Johnthomasfinancial.com does not represent or endorse any particular lender, and we are not responsible for the actions or inactions of any lender. We also do not collect, store, or access information regarding the fees and charges associated with loans from lenders in our network. Short-term loans may not be available in all states, and not all lenders in our network can provide loans up to $1,000. There is no guarantee that any lender will approve the use of this website or that any loan product will be matched with a lender. Additionally, there is no guarantee that you will receive a short-term loan offer on the terms requested in the online form. In order to assess your creditworthiness and decide which products are best suited for you, the lender may need tocheck your credit score via one or more credit bureaus. To protect both the lenders and the applicant, extensive verifications will be performed. These may include, but are not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products can differ greatly from lender to lender because they often depend on numerous factors specific to each individual case including state of residence and credit standing of the applicant.

APR Representative

APR (Annual Percentage Rate) is the rate of interest you’ll pay on a loan if you borrow it for an entire year. Our website doesn’t offer loans directly, so we unfortunately can’t provide the APR that any specific lender charges. The interest rates offered by lenders can vary significantly, depending on numerous factors such as where you live and your credit score. In addition, there may be other fees associated with the loan offer, including but not limited to origination fees, late payment charges and penalties. Lenders may also take non-financial actions such as reporting late payments or taking debt collection action. The following financial and non-financial actions are not affiliated with www.johnthomasfinancial.com, and we have no information regarding what lenders may do in these situations. All charges and actions taken should be disclosed to the borrower in a clear and transparent manner within their loan agreement. The APR is the total cost of a product divided by the number of years it will last. It’s not a financial penalty for a short-term item.

Late Payment Implications

If you think you might miss a payment or will be late, call your lender as soon as possible. They may charge late fees and penalties, which vary by state. All the procedures and costs associated with late payments are explained in the loan agreement, so read it carefully before signing any paperwork.

Non-payment Implications

In cases of non-payment or missed payments, financial and non-financial penalties may be implied. The terms of renewal should be disclosed in the loan agreement. Additional measures undertaken as a result of non-payment, such as renewals, must be stated explicitly with consent. Each loan agreement should contain its own terms for renewal. Renewal costs and fees may be imposed additional circumstances.