Policy on Responsible Lending

As a responsible lender, we commit to you that this loan product abides by all applicable state and federal laws and that we strive for the utmost level of transparency and fairness:

• Not for all financial needs: This is a short-term loan designed to help with your immediate cash needs. It will not solve your long-term needs and refinancing will result in additional charges. We encourage you to (1) borrow only what you need and can repay on your next payday, (2) refinance your loan only after you have reduced the principal as much as possible, and (3) shop the marketplace until you are convinced that you have found the best possible solution. You may choose to consult a consumer credit counseling service for other options.
• Transparency of costs for your loan: The cost of credit will be clearly disclosed to you in terms of the dollar amount of interest and the APR according to federal truth in lending law and regulations. For details on the specific costs of your loan, please see Loan Cost and Terms and your loan agreement. Late fees and non-sufficient funds/returned item fees may apply as described in your loan agreement. We will never charge you any “hidden fees” that are not fully disclosed in the loan agreement or the Loan Cost and Terms.
• Right of Rescission: If you change your mind about the loan, you may rescind your loan at no charge as long as you return the loan proceeds within the number of days specified in your loan agreement.
• Implications of Late and Non-Payment: If you don’t make a payment on time we will attempt to contact you via one or more authorized methods, including phone calls, emails, and text messages to arrange for payment. All of our collections methods will be in accordance with the guidelines of the Federal Debt Collections Protection Act (FDCPA). In addition, we may re-present any returned payments to your bank in accordance with applicable law and regulatory requirements. If we are unable to reach you or we are unable to collect against your debt we may place or sell your debt with third party collection agencies. However, we only contract with collection agencies that agree to follow the FDCPA. Furthermore, since we may report loan payments to one or more credit bureaus, late or non-payment of your debt may impact your credit rating. As noted above, late fees and non-sufficient funds/returned item fees may apply as described in your loan agreement.
• Responsible Renewals and Refinancing Options (Sustained Use):
  
  • Single Payment Payday Loans: We recognize that it is often easier to pay down a loan over time than to pay it off all at once. As a result, depending on your state of residence, you may have one or more options for renewing or refinancing your loan. We will not renew or refinance your loan without your express permission pursuant to the terms of your loan agreement. We strongly encourage principal reduction and early payment to reduce your finance charges. Please see the Loan Cost and Terms page for the payment options in your state.
  • For single payment payday loans, we will restrict your ability to renew or refinance your loan after you have had an oustanding balance with us for a period of 6 consecutive months. After you have paid in full the oustanding balance of your loan account, you may apply for a new loan. Depending on the payment method you choose, it may take 1-3 business days to process the payment that brings your account balance to $0.
  • Installment Loans: Unlike a payday loan, you can either pay off the installment loan according to the terms of the loan agreement or pay it off early to save finance charges. Once you have made successful loan payments you may be eligible to refinance your loan. If you become eligible we will notify you of any refinancing options you may have. We will not renew or refinance your loan without your express permission pursuant to the terms of your loan agreement. We strongly encourage principal reduction and early payment to reduce your finance charges.
  • For installment loans, we will restrict your ability to renew or refinance your loan after you have had an oustanding balance with use for a period of 18 consecutive months. After you have paid in full the oustanding balance of your loan account, you may apply for a new loan. Depending on the payment method you choose, it may take 1-3 business days to process the payment that brings your account balance to $0.
• Compliance with Laws: We comply with all applicable federal and state laws and regulations. These laws include (but are not limited to):
  1. Electronic Fund Transfer Act
  2. Equal Credit Opportunity Act
  3. Fair Credit Reporting Act
  4. Fair Debt Collection Practices Act
  5. Gramm-Leach-Bliley Act Privacy Requirements
  6. Truth in Lending Act
  7. Telemarketing Sales Rule
• We Respect Your Privacy: We adhere to all applicable federal and state privacy laws. Please see Privacy Policy for details.
• Contacting Us: We always provide a physical address, a toll-free phone number, and an email address so that you can reach us in the most convenient manner for you. We strive to respond to your mail, calls, and email in as fast a manner as possible so we can quickly answer any questions and solve any problems you might have. Please see Contact Us for details.
• Note to Ohio and Texas Customers: In Ohio and Texas, PayDay One acts as a credit services organization/credit access business (CSO/CAB) and is not the lender – loans are made by a third-party lender. However, the foregoing Policy on Responsible Lending applies equally to us in our role as a CSO/CAB and to the applicable third-party lender.