In an effort to help consumers troubled by financial difficulties, Bad Credit Loans is introducing a new educational feature called “Policy on Responsible Lending” to its website. This feature explains in detail the governmental regulations and fair lending laws in place to protect would-be borrowers against predatory lenders, discussing laws such as the Dodd-Frank Wall Street Reform Act, the Truth in Lending Act and the Fair Debt Collection Practices Act.
“An educated consumer is a smart consumer,” says company spokesperson Rachel Lambert. “When borrowers learn what to expect from lenders, they are better equipped to review the contracts and offers received and make the best possible choice. We want consumers to feel secure about their decision to borrow money from our affiliated lenders, and keeping them informed is the best way for us to make sure that’s the case.”
Although Bad Credit Loans helps consumers acquire many different types of loans, including business loans, auto loans and home loans, the company perhaps is best known for connecting people with personal loans. These small, loans are easy to apply for because potential borrowers only need to meet a few eligibility requirements and don’t have to offer any collateral or present a credit score, and the application process can be completed without ever leaving home.
Applications are processed almost immediately upon receipt and consumers can be approved for a loan in just minutes. Bad Credit Loans’ website is 100 percent secure and any personal information that individuals submit during the application process remains private and protected at all times.
Once a consumer has been approved by Bad Credit Loans, they are then normally presented with a number of offers from different lenders and given the opportunity to compare rates and terms. The federal Truth in Lending Act requires that lenders provide all information about their rates and terms upfront. This means consumers never have to worry about unexpected charges later on. Even late fees are specified in advance, in case of loan default.
Consumers who agree to the terms can then sign the contract electronically and expect loan funds to be directly deposited into their bank account within no more than one business day. The lenders who work with Bad Credit Loans offer loans in amounts ranging from $100 to $1,000. Neither the company nor the lenders ever ask what borrowers are going to use their funds for, although most borrowers generally use the money to cover an emergency expense or pay off a late bill.