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321Loans is dedicated to equipping consumers with the knowledge necessary to make informed, responsible loan decisions.
Our policies adhere to the Truth in Lending Act (TLA). The TLA requires that before a consumer assumes any obligation to initiate the loan process, they must be presented, in writing, with the exact rates, fees, rollover charges and other details of their loan, not to exceed state regulatory legislation.
The Dodd-Frank Wall Street Reform Act states that all lenders must engage in “fair lending,” which is defined as “fair, equitable, and nondiscriminatory access to credit for consumers.” Dodd-Frank also tasks the Consumer Financial Protection Bureau with the enforcement of fair lending regulations. Consumers using 321Loans are urged to file a complaint with the agency should any problems arise with their cash loans.
Fair Debt Collection Practices
For consumers repaying their loans, 321Loans follows all provisions of the Fair Debt Collection Practices Act (FDCPA) enforced by the Federal Trade Commission. While 321Loans is not an actual lender and, as a result, does not collect debts from consumers, we nonetheless require all lenders in our network to follow the statutes. These include the following:
- Lenders cannot contact consumers by telephone before 8 a.m. or after 9 p.m.
- Lenders cannot contact consumers with the intent to annoy, harass, etc., or use abusive language at any time.
- Lenders cannot collect debt through deception or misrepresentation.
- Lenders cannot threaten legal recourse when no legal action is permitted.
Should a lender be found to be in violation of any FDCPA statutes, 321Loans will not hesitate to expel the company from our lender network and report them to the FTC.
While all lenders and 321Loans follow federal regulations, individual states also have laws for lending within their borders. These include regulations dealing with strict adherence to limits on interest rates, rollovers and fees, maximum loan terms, cool-off periods between loans, presentment and more.