Responsible Lending

No one should be taken advantage of during a financial emergency. That’s why Trust Cash Loans works with verified lenders and loan matching companies across the United States and Canada. Many federal and state laws govern our industry, and we comply with all of them. We ask our partners to do the same. Protect yourself from payday loan scams. Get started by filling out a simple form, and them make sure you borrow from a trusted lender no matter how much you need.

Federal Laws

Federal regulations govern activities across the 50 American states and 10 Canadian provinces. Since most of the people visiting are from the United States, our responsible lending policy focuses on their protections.

Whether you need $300 for extra rent, $550 for medical bills, or $1,000 for car repairs, national consumer safety laws oversee your financial transaction.

For example, the Truth in Lending Act ensures that certain information is given to you before you agree to receive any funds. You are entitled to see a breakdown of the amount borrowed, fees charged, and APR calculated. In TCL’s case, many of our loan partners email you important information. That means using electronic signatures instead of faxing back and forth. Keep in mind that Trust Cash Loans is not a direct lender. When you fill out an interest form, your details are given to an interested lender and/or locator company. These firms must comply with the TILA. You do not have to go with the first person who contacts you. You can also opt out of a cash advance loan as long as you have not signed any paperwork.

In addition, Trust Cash Loans works with cash advance companies that comply with “know your customer” laws. While these laws can seem like a hassle, they are intended for your protection and the security of the nation as a whole. They help crack down on money laundering, which may then lower your interest rates. Some of these regulations include the USA Patriot Act and the Gramm-Leach-Bliley Act. You may be asked for personal details including

  • Full name
  • Date of birth
  • Address
  • Social Security Number
  • Valid driver’s license or state-issued ID

Money management is an important skill in the age of over-work and under-pay. We encourage you to borrow responsibly. If, however, you are unable to pay back your internet loans when it comes due, you still fall under the protection of the Fair Debt Collection Practices Act. You cannot be deceived, harassed, abused, or threatened in a manner that cannot/will not be followed through.

State Laws

Our payday lending partners must also follow state regulations. These laws protect your financial future, but they also restrict the types of unsecured personal loans that can be granted to you. For instance, they govern how much money you can get, how much can be charged in fees and interest, the amount of time you have to repay the lender, the number of rollovers you can do, and how often you can take out a cash advance loan. Payday and installment loans are not offered in New York, Connecticut, Vermont, West Virginia, Arkansas, or South Dakota.

How You Can Borrow Responsibly

TCL practices responsible lending, but you must also do your part. When you take on a debt, you know it must be repaid. These tips can help you organize your finances so that you know what you’re getting into.

  1. Know your options. Payday loans are expensive, even when they are broken down through installment payments. You may get a better deal through local banks or credit unions. Sometimes even a credit card cash advance gives you lower interest rates than online cash advances. If alternative funding fits you better, go for it.
  2. Know how much you are borrowing and how much it will cost. Those little fees and low interest rates can add up. Be aware that your $200 short-term personal loan may cost $270 when your balance becomes due. If you can get by with $200, don’t apply for $500. Take out only what you need.
  3. Know what happens if direct lenders compete for your business. Can you reduce your APR or negotiate better fees or terms? Trust Cash Loans works with more than 100 companies so you can have plenty of options.
  4. Know what happens when you try to pay off the online advance early. Some firms charge a prepayment penalty. Others let you end the contract early so you can save some money and get back on your feet sooner. Always make sure that you have enough money in your checking account when your due date pops up.
  5. Know your rights before you sign any contract. Then exercise them. If a short-term lending company breaks the rules, report them to the appropriate authorities.