Responsible Lending Practices
GreenPayday is dedicated to working with reputable lenders. In addition, GreenPayday provides information to assist consumers in making informed, responsible loan decisions.
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.
Truth in Lending Act
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.
Lenders in the GreenPayday network also follow state lending laws in addition to federal laws. All lenders in our network charge fees and interest rates that adhere to regulatory measures enacted by state governments. Many states also establish guidelines for repayment and maximum loan amounts.
Debt Collection Practices
For consumers repaying their loans, GreenPayday 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.
Late Payment Policy
Lenders within our network each have their own late payment policy. These policies are governed by state lending regulations regarding late payments. Please review the late payment policy outlined on your loan document prior to signing the loan commitment, so you can understand the lender’s late payment policy and potential fees and penalties. If state law allows it, lenders are often able to offer loan renewal plans, rollovers, and other ways of extending the repayment period in order for you to make payments in full. Engaging in these renewal plans, however, should only be done in extreme situations as the fees and other costs will significantly add to the overall amount you will eventually have to repay.
THE INFORMATION PROVIDED ON THIS SITE SHOULD NOT BE CONSTRUED AS LEGAL ADVICE AND IS NOT A SUBSTITUTE FOR QUALIFIED LEGAL REPRESENTATION.