Code of Conduct for Responsible Lending
At Flashpayday.com, we are proud to be a responsible lender. We aim to actively follow responsible lending practices:
- We will not encourage customers to take out a pay day loan if we feel this is not the right product for them.
- We will not target people who are in debt or in financial problems.
- We will not encourage people to borrow more than they can afford to repay.
- We will not charge our customers unnecessary fees.
On top of that we also:
- Aim to give customers a clear, full, understanding of the service we provide.
- Aim to follow all legal and ethical marketing practices outlined in each state.
What do I need to do to borrow responsibly?
First of all, make sure that a payday loan is the right thing for you. If you do not feel that you will realistically be able to pay it back in a timely manner, you run the risk of incurring extra charges by rolling over the loan. This will then be likely to gain interest at the same rate as the original loan, which can quickly mount up.
If you do not feel you can afford to take out a payday loan, we recommend that you do not. If you are finding debt problems to be a regular issue, please check out your local government website for some useful information and advice.
What is responsible lending?
Here at Flashpayday.com, we firmly believe that payday advance transactions should be conducted in a safe and responsible manner, with appropriate consumer protections. Our principles & core values surround the concepts of full disclosure, truthful advertising, fair collections practices, and consumer responsibility.
Our Code Of Responsible Lending
- FULL DISCLOSURE. We aim to comply with the disclosure requirements of the state in which the payday advance office is located and with federal disclosure requirements including the Federal Truth in lending act. Our lender's contracts with customers fully outline the terms of the payday advance transaction. We will disclose the cost of the service fee both as a dollar amount and as an annual percentage rate ("APR"). We will further ensure full disclosure by making rates clearly visible to customers before they enter into the transaction process, unless unpermitted by federal, state, or local law.
- COMPLIANCE. We aim to comply with all applicable laws. We will not charge a fee or rate for a payday advance that is not authorized by state or federal law.
- TRUTHFUL ADVERTISING. We will not advertise the payday advance service in any false, misleading, or deceptive manner, and will promote only the responsible use of the payday advance service.
- ENCOURAGE CONSUMER RESPONSIBILITY. We implement procedures to inform consumers of the intended use of the payday advance service. These procedures will include the placement of a "Customer Notice" on all online marketing materials.
- ROLLOVERS. FLashPayday.com is not a lender and hence does not authorize or initiate rollovers. Before assumming any obligation to initiate the loan, consumers should demand to be presented, in writing, with the exact rates, fees, rollover charges, and other details of their loan, not to exceed applicable laws, rules, and regulations.
- RIGHT TO RESCIND. We give our customers the right to rescind, at no cost, a payday advance transaction on or before the close of the following business day.
- APPROPRIATE COLLECTION PRACTICES. Our lending network will collect past due accounts in a professional, fair and lawful manner. We will not use unlawful threats, intimidation, or harassment to collect accounts.
- NO CRIMINAL ACTION. We will not threaten or pursue criminal action against a customer as a result of the customer's check being returned unpaid or the customer's account not being paid.