At Getmoney.com we make every effort to protect consumers like you from unfair and illegal practices by working with lenders and brokers that adhere to federal laws and applicable state regulations. We also make an effort to inform our clients about the process of borrowing, paying back the loan and the repercussions of failing to make on time payments or missing payments.
Lenders, Lending Partners and Brokers
At Getmoney.com we make an effort to ensure that we only work with responsible lenders, lending partners and brokers who are authorized to offer their services and or lend cash to consumers and or businesses. Each lender or lending partner has their own terms and conditions in regards to interest rates, repayment policy, repercussions for being late on a payment, missing a payment or rolling over a payment. You should be sure to be aware of these specific terms and conditions prior to accepting a loan offer.
Once you are connected with your lender, lending partner or broker, we recommend that you look up or ask for their mailing address and phone number in case you need to get in contact with them for any reason.
Late and Missed payments
The most important thing for a borrower about any loan is to understand the repayment terms and the repercussions of making a late payment or missing a payment. The general repercussions are:
- If you are late with a payment and or miss a payment, you will most likely be charged a fee.
- If you are late with a payment or miss a payment (regardless of the reason) the lender or lending partner could report a late or missed payment to the credit agencies. This would most likely have a negative impact on your credit rating and credit score.
- If the lender or lending partner does not receive a payment (regardless of the reason), the lender or lending partner will begin collection procedures against you.
Each lender and Lending partner that we connect you with has its own terms and conditions for the repayment of the loan. We recommend you review the terms, conditions, payment options and penalties for your loan offer prior to accepting a loan. Make sure you understand the details of the loan. If the terms and conditions of the loan offer are not in line with your expectations or not in line with your needs, you are not obligated to accept the loan offer.
We recommend you contact your lender directly should any issues arise with your loan or your payment(s). In general, we advise you to always pay all of your outstanding loans, bills and debts on time.
Your Credit Score
If you are late with a payment or miss a payment (regardless of the reason) the lender or lending partner could report a late or missed payment to the credit agencies and negatively impact your credit score and rating. The negative impact may make it more difficult and more expensive for you to obtain a new credit card, car loan and or any other form of credit. Your credit worthiness is determined by your credit score through the credit bureaus. Thus, the lender or lending partner that you are connected with may run a credit check with one or more credit agencies to determine your qualifications for a loan. Multiple credit checks in a short period of time may negatively affect your credit score. But, getting a loan and repaying it in full with on time payments could improve your credit score.
Debt Collection Practices Act (FDCPA)
Enforced by the Federal Trade Commission requires the following:
- Lenders cannot collect debt through deception or misrepresentation.
- Lenders cannot contact consumers with the intent to annoy, harass, etc., or use abusive language at any time.
- Lenders cannot contact consumers by telephone before 8 a.m. or after 9 p.m.
- Lenders cannot threaten legal recourse when no legal action is permitted.
Should a lender be found to be in violation of any FDCPA statutes, Please notify us at firstname.lastname@example.org and we will not hesitate to expel the company from our lender network.
Dodd-Frank Wall Street Reform Act
It clearly 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 Getmoney.com are urged to file a complaint with the agency against the specific lender should any problems arise with their loan.
The Truth in Lending Act (TLA)
The truth in lending act requires the lenders to present the borrower in writing the exact rates, fees, rollover charges and other details of the loan (not to exceed state regulatory legislation) before a consumer assumes any obligation to initiate the loan process with the lender. Knowing what the exact rate and fees are is your right and you should review it to make sure it is in line with your needs.