Our Loan Policy

Your trusted gateway to a network of reputable lenders, literatiauthorservices.com not only brings you the lenders to provide the cash advances you need, but the lending policy knowledge that will help you make informed decisions about payday and traditional loans. Read on to find out how lenders work with borrowers and learn about the regulations that protect you.

If You Need to Renew Your Loan

State regulatory legislation sets most of the parameters for loan renewal policies. Many states allow rollovers, also known as repayment term extensions; these cause interest rates and late fees to accrue and can add a substantial dollar amount to the end loan price of the loan. Read up on your state’s particular laws before entering into a loan, and you’ll be sure to avoid these increased rates and fees.

If You Cannot Pay

Depending upon your state and your particular lender, additional fees or even criminal charges may apply to you if you are unable to repay your loan in the determined time. The Community Financial Services Association of America, or CFSA, counts among its members many lenders. If your lender is a member of this association, you are protected from criminal charges based on non-payment of loans. All lenders that literatiauthorservices.com does business with pursue collections in a reputable manner. Check out the information on non-payment policies in your state and be sure to read your loan terms in full before agreeing to any loans.

If Your Payment Is Late

Lenders set up varying policies regarding late payments. The federally mandated Truth in Lending Act requires that lenders provide all loan information beforehand; thus, if you read your loan terms carefully before agreeing, you will be aware of the late payment policies. All lenders, when drafting their late payment policies, must abide by state regulatory legislation when dealing with late payment fees. Check out the information on late payment policies in your state to know exactly what you’re dealing with ahead of time.

Now we will cover three of the most important federal regulations that protect borrowers today.

The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act tasks the Federal Trade Commission with ensuring that lenders abide by Fair Debt Collection Practices when pursuing collections of unpaid loans. All lenders involved with literatiauthorservices.com follow these policies. If they violate these policies, they should be reported to the FTC and literatiauthorservices.com will not hesitate to cease business relationships with lenders in violation.

Violations of Fair Debt Collection practices include:

  • Threatening legal recourse when no legal recourse is allowed
  • Using manipulation or deception to collect on loans
  • Harassing, annoying, or abusing consumers verbally
  • Contacting customers by phone outside of the appropriate 8 a.m. to 9 p.m. window

The Dodd-Frank Wall Street Reform Act

This act defines Fair Lending as “fair, equitable and nondiscriminatory access to credit for consumers” and tasks the Consumer Financial Protection Bureau with the enforcement of fair lending regulations.

The Truth in Lending Act

Perhaps the most important Fair Lending Law is the Truth in Lending Act, which ensures borrowers are informed ahead of time, in writing, about all loan rates, fees, and other terms before the loan is agreed to by both parties. This protects borrowers from hidden rates and fees and other predatory lending practices.

Keep informed and work with reputable lenders with literatiauthorservices.com today.