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Know Your Credit Rights

Many borrowers find themselves trapped in a cycle of payday loan debt and feel they have nowhere to turn. At LoanNow, we understand that a major driving factor behind the cycle of payday loan debt is a lack of basic credit education. Our articles let you know your credit rights so you can free yourself from the bonds of payday loans.

The Equal Credit Opportunity Act

You may not realize that the Equal Credit Opportunity Act protects consumers against predatory lenders.  But as you begin to know your credit rights more thoroughly, you will learn that the ECOA includes several measures designed to shield consumers against unscrupulous lenders, including hidden fees, loans structured so that it is difficult or impossible to get out of debt or misleading terms that obscure the true cost of a particular type of transaction.

Unfortunately, many payday lenders skirt these regulations or flout them outright. They count on the fact that many consumers are unaware of their rights or are too desperate to challenge them. But when you know your credit rights, you are less likely to allow predatory lenders to get away with their unsavory lending practices.Know Your Credit Rights

Abusive Debt Collection Practices

Depending on how far behind you are and how aggressive your creditors are, you may receive phone calls and letters requesting or demanding payment.   In many instances, such contact is totally legal.   But other tactics cross the line from being aggressive to downright illegal. Unless you know your credit rights, you may be unaware of abusive debt collection practices that are prohibited by law.

For instance, debt collectors are prohibited from calling you at all hours of the day or night. Debt collectors cannot call you before 8 a.m.  or after 9 p.m. local time unless you specifically permit such contact. Debt collectors may not contact third parties such as your neighbors or your employer to discuss your financial obligations. You may also stop debt collectors from calling you at work. It is also strictly illegal for debt collectors to threaten you with imprisonment simply because you haven’t paid what you owe. If a debt collector makes such a threat, contact your attorney general’s office immediately.

Escaping Predatory Lenders

While knowing your credit rights can keep debt collectors from harassing you, protective regulations don’t totally release you from your financial obligations.  The best way to avoid being trapped by predatory lending practices is to avoid predatory lenders.

That’s where LoanNow comes in. At LoanNow, we don’t just make loans. We work with our borrowers to help them establish and maintain responsible repayment histories. We’re dedicated to helping borrowers improve their financial outlook for the long haul.

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** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.

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