Payday loan companies are usually linked with an online lender to avoid potential fraud. They also provide consumers with several protections, including military Lending Act (MLA) protections for active duty service members and their dependents. Here are some important facts to know about payday loan companies and what they mean.
MoneyMutual is an online marketplace where users can apply for a short-term loan. Its mission is to connect you with lenders and provide you with loan offers based on your personal information. Unlike traditional payday loan companies, MoneyMutual does not conduct credit checks, which makes it safe for borrowers.
The application process with MoneyMutual is simple. Applicants must complete a short questionnaire that provides basic personal information. This information allows the lenders to determine if they’ll finance the loan request. They can also use this information to match borrowers with the best rate for their needs.
Military Lending Act (MLA) protections for active duty servicemembers and dependents
Military members and their dependents are protected by the Military Lending Act, which ensures that lending companies do not subject them to excessive terms. However, this act does not protect consumer credit card accounts. Once active duty has ended, these types of accounts are not covered by the MLA.
Using the Military Lending Act website is an easy way to verify whether or not a lender is compliant with the law. The website allows you to check if a lender meets the MLA’s requirements, as well as verify your status. The site does not provide historical information, however.
Online Lenders Alliance
The Online Lenders Alliance (OLA) is a nonprofit trade association that represents more than 1,600 payday loan companies. Its mission is to foster a responsible marketplace for online financial services and products while expanding access to credit for all consumers. Members of the OLA have high standards for fair lending and abide by a Code of Conduct to ensure their customers are treated fairly.
The alliance’s board of directors includes representatives from Enova International, which spun off from Cash America last year, as well as CURO Financial Technologies, which owns Speedy Cash and Rapid Cash. Another board member is the Island Mountain Development Group, which is affiliated with the Fort Belknap Indian tribe in Montana.
BadCreditLoans is an online marketplace that connects borrowers with bad credit with payday loan companies. Its network consists of all of the major online lenders in the US and reports to the major credit bureaus. The service offers competitive interest rates, allowing borrowers to pay off their debts faster. The company also does not charge up front fees.
If you are looking to apply for a bad credit loan, you should be aware that these companies are not all alike. Some of them may offer better rates, but you should still carefully read the terms and conditions before signing up for a loan. You should always consult a financial advisor before signing up for a bad credit loan.