Responsible Lending Practices
BadCredit.com is committed to providing you with the most up-to-date information about the lending process, so you can borrow money safely and make sound financial decisions.
Our lending policy strictly 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 BadCredit.com network must also follow the regulatory provisions of the Consumer Financial Protection Bureau. Consumers using BadCredit.com are urged to file a complaint with the agency if they encounter problems in dealing with a lender.
BadCredit.com 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 BadCredit.com 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. Customers can check our site for information on their state lending laws.
Debt Collection Practices
Customers using BadCredit.com can be assured that BadCredit.com and the lenders they borrow money from follow fair debt collection practices during the loan repayment process. The Federal Trade Commission Fair Debt Collection Practices Act mandates that lenders not engage in any of the following actions:
- Contacting consumers by phone before 8 a.m. or after 9 p.m.
- Contacting consumers by phone with the intent to harass, annoy or using abusive language to belittle or threaten.
- Collecting debt through deception or misrepresentation.
- Threatening legal action when no legal action is permitted.
If a lender violates these Federal Trade Commission provisions regarding fair debt collection, we will immediately stop conducting business with that lender and report that lender to the Federal Trade Commission.
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.