Policy on Responsible Lending

OppLoans Policy on Responsible Lending

As a responsible lender, we commit to you that this loan product abides by all applicable laws and that we strive for the utmost level of transparency and fairness. Not for all financial needs: This product is either an installment loan or a line of credit product (depending on state). The loan or line of credit product is designed to help people who need money and want to pay it back over a 6-36 month term. We encourage you to (1) borrow only what you need and can repay, (2) shop the marketplace until you are convinced that you have found the best possible solution. You may choose to consult a consumer credit counseling service for other options. Transparency of costs for your loan: The cost of credit will be clearly disclosed to you in terms of the dollar amount in accordance with the Truth In Lending Disclosures Act. For details on the specific costs of credit, please see our Rates and Terms section or call us at (800) 990-9130. We will never charge you any “hidden fees” that are not fully disclosed in our contracts. Right of Cancellation: If you change your mind about your installment loan or line of credit product, you may cancel it at any time prior to taking out the loan or line of credit product. You also may repay any borrowed amounts at any time without incurring a prepayment penalty. Implications of Late and Non-Payment: If you don’t make a payment on time we will attempt to contact you via one or more authorized methods, including phone calls, emails, and text messages to arrange for payment. All of our collections methods will be in accordance with the principles of the Federal Debt Collections Protection Act (FDCPA). In addition, we may re-present any returned payments to your bank in accordance with applicable law and regulatory requirements. If we are unable to reach you or we are unable to collect against your debt we may place or sell your debt with third party collection agencies. However, we only contract with collection agencies that agree to follow the FDCPA. Furthermore, since we may report loan payments to one or more credit bureaus, late or non-payment of your debt may impact your credit rating. Responsible Renewals and Refinancing Options: You will be eligible to refinance your loan in accordance with state law. However, we strongly encourage principal reduction and early payment to reduce your finance charges. Compliance with Laws: We are a state licensed lender in Illinois, Missouri, South Carolina, Utah and Wisconsin, New Mexico, Kansas, California, and Delaware. In Texas and Ohio we are a state-licensed credit business who arranges loans by a third-party lender. We have a business registration in the state of Virginia. We do not lend in all states. We abide by all governing state laws and regulations and follow the principles of all federal lending laws including but not limited to:

  1. Electronic Fund Transfer Act
  2. Equal Credit Opportunity Act
  3. Fair Credit Reporting Act
  4. Fair Debt Collection Practices Act
  5. Gramm-Leach-Bliley Act Privacy Requirements
  6. Truth in Lending Act
  7. Telemarketing Sales Rule