Responsible Lending and Marketing strives to assist borrowers making informed decisions when looking for loan products. We support consumers in making informed decisions in part by advising consumers of the responsibilities associated with borrowing from online lenders, and the negative impacts of neglecting the repayment schedule associated with loan products.

RESPONSIBLE LENDERS work seeks to work with trusted and reliable lenders and networks who are authorized in their particular state(s) to loan funds to borrowers. But you should also conduct your own research of any lender with whom you undertake a loan, so you are aware of how to contact them with questions. All lenders have unique terms and conditions such as rates and fees, repayment schedule, and costs associated with late/missed payments. You should also be informed and understand the terms and conditions of your loan product.


All loan requests are subject to third party lender credit score approval. Your credit score is a number used by lenders and creditors to determine your risk potential. The credit bureaus have developed a credit file on your behalf as a means of forecasting your credit worthiness. Failing to pay loans and/or credit card bills on time will negatively impact your score and create difficulty when trying to be approved for credit in all forms. Additionally, numerous credit checks in a given time frame may negatively impact or lower your credit score. However, timely loan and credit card payments may improve your credit score.


The most vital element borrowers should understand is the negative impact of late/missed loan payments. In all cases late or missed payments usually result in penalty fees, and loan finance charges and as such all loan payments must be paid on the initial due date. At that point, a deferral with a separate finance charge may take place on the principal loan amount. Borrowers should always pay the scheduled payment as agreed to, if not a higher amount in order to decrease the amount of interested paid over the life of the loan. In the event you decide to pay any amount other than the payment originally agreed to or your payment does not go through, contact your lender as soon as possible to make other arrangements. It’s important to keep open communication with your lender to avoid falling into a Collections Program. Securing additional funds in the future will be difficult when in Collections with an active loan balance. Be informed of the borrowing policies with the lender whom you do business. Personal loans specifically are not meant for long-term financial support.


Rolling over payments is possible with certain lenders. Regardless of the reason for choosing to rollover a payment, they are treated the same as late/missed payments. Payment rollovers will result in increased interest charges similar to late/missed payments. Please note that your credit score can be negatively impacted.


Borrowers who pose the most risk are subject to loan products with unlimited renewals. Alternatively, the other form of renewals is called automatic and borrower-initiated renewals. These renewals have specified time limits. All lenders have renewal policies specific to their company, however, you must be aware that the collection process will take place once a borrower exhausts the renewal option. Renewal policies may also add to the overall cost of the loan.


Keep in mind that exhibiting negligence in managing payments can result in being placed in Collections. All lenders have unique Collections policies, so contact your lender to learn more. Typically, Collections communications are executed by email, physical mail and phone. In some cases, failure to response to these communications result in transferring your account into the hands of a third-party collections agency. In all cases, if you go into collections the costs and interest will increase on your loan. It’s important to understand the Collections policy of your lender.