Lender to Return Original Loan Agreement: Upon payment of one’s loan in complete, the lending company must mark your initial loan contract with the term „paid“ or „canceled“ and send it back for you.
It to you if you obtained an extended payment plan, the lender is also required to mark your original extended payment plan document with the word „paid“ or „canceled“ and return.
Lender to Return safety check always: in full with cash or by certified check, cashier’s check, money order or, if the lender is equipped to handle such payments, by using a credit card, prepaid card, or debit card, the lender must immediately return the check you gave as security for the loan if you cancel your loan (see „Right to Cancel“ above) or repay it.
No Rollovers, Extensions, Etc.: the lending company cannot refinance, restore, expand, or rollover your cash advance.
Failure to settle: repay your loan! Understand whenever your re payment flow from and make certain to settle your loan on some time in complete. You will be accountable for having enough funds in your bank checking account regarding the date that is due of loan so your check will not jump if the financial institution deposits it inside the account. The lender may begin accruing interest on the principal amount of your loan at a maximum rate of 6.0% per year if you do not repay your loan by the specified due date.
The lender is required to comply with the restrictions and prohibitions applicable to debt collectors contained in the Fair Debt Collection Practices Act, 15 USC В§ 1692 et seq., regarding harassment or abuse, false or misleading misrepresentations, and unfair practices in collections in collecting or attempting to collect a payday loan.