Our Lending Policy
GreenPayday is dedicated to working with reputable lenders. In addition, GreenPayday provides information to assist consumers in making informed, responsible loan decisions.
No Surprises, No Hidden Fees
GreenPayday connects consumers with potential payday loan lenders that can work for them. There is no cost for our service. GreenPayday requires lenders in our network to provide customers with a written account of interest rates, fees, rollover changes and other fees associated with their loan before they sign their loan documents as mandated by the Truth in Lending Act outlined by the Consumer Financial Protection Bureau.
Our lending policy adheres to the fair lending guidelines of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act, which protects consumers from discriminatory and unfair lending practices by lenders. Lenders in the GreenPayday network must also follow the regulatory provisions of the Consumer Financial Protection Bureau. Consumers using GreenPayday are urged to file a complaint with the agency if they encounter problems in dealing with a lender.
For consumers repaying their loans, Green Payday supports all provisions of the Fair Debt Collection Practices Act (FDCPA) enforced by the Federal Trade Commission. GreenPayday is not a lender and does not collect debts from consumers. GreenPayday makes a reasonable effort to work only with lenders that comply with applicable debt collection laws, rules, and regulations. These include:
- NOT contacting consumers by phone anytime before 8 a.m. or after 9 p.m.
- NOT contacting consumers by phone with the intent to annoy, harass, or use abusive language.
- NOT collecting debt through deception or misrepresentation.
- NOT threatening legal recourse when no legal action is permitted.
Should a lender be found to be in violation of these or any other applicable laws, GreenPayday does not hesitate to cease conducting business with the company and report the company to the FTC.
Many regulations are, instead of federal, under the jurisdiction of the states. This may include regulation of interest rates, whether or not there are rollovers or presentment limits or cool-off periods between loans, and what maximum loan terms may be. To learn more about how each state handles these.
Laws for late payments are also often handled at the state level, except for the fact that the Truth in Lending Act requires that late payment policies be given ahead of time to potential borrowers in writing. Loan renewal policies are handled by the states, some of which allow rollovers (sometimes called repayment term extensions) that can add substantial dollar amounts to loan end prices. These terms will also be present in pre-loan documentation.
THE INFORMATION PROVIDED ON THIS SITE SHOULD NOT BE CONSTRUED AS LEGAL ADVICE AND IS NOT A SUBSTITUTE FOR QUALIFIED LEGAL REPRESENTATION.