3YearLoans.com is dedicated to safeguarding its consumer's from malicious payday loan lenders who engage in illicit lending techniques. We equip consumers with the knowledge they need in order to make responsible and informed decisions.
Trust and Truth
3YearLoans.com's practices and policies have always and will always conform to the regulations which have been set forth by the Fair Lending Laws like the Truth in Lending Act. Prior to a consumer assuming any obligation in order to initiate the lending process they should and will be presented in writing the exact fees, rates, charges and roll over charges in addition to other details about their loan. You can visit our Rates and Fees to find out about the current regulations and laws in your state.
According to the Dodd-Frank Wall Street Reform Act every lender which includes payday loan lenders need to engage in what it terms as "fair lending" practices. The Consumer Financial Protection Bureau has been tasked by this act to enforce fair lending rules and regulations.
Practices for Fair Debt Collection
We try to work with lenders that follow all the provisions of the stated Fair Debt Collection Practices Act which is enforced currently by the Federal Trade Commission. 3YearLoans.com is not the actual lender. 3YearLoans.com does not collect any debts from consumers. Every lender in our network is required to follow the following Statues which are:
If a lender is found to be violating any of the above FDCPA statues 3YearLoans.com will not hesitate to stop doing business with that company and file a report with the Federal Trade Commission.
Current State Regulations
3YearLoans.com encourages lenders in its network to follow federal and state regulations. These often include the strict conformity with local laws in regards to their interest rates, maximum loan terms, rollover limits, fees, cool off periods in between loans, and much more.
Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.Calculate APR Rules in Your State Alternatives to Payday Loan For Military Consumers
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