Lending Policy

Last Updated: August 6, 2020

You understand and acknowledge that Time Finance Company, Inc. (collectively, “Time Finance Company, Inc.”, “Time Finance” “us”, “we”, or “our”) Fair and Responsible Lending Policy (hereafter “Policy”) is intended to be read in conjunction with this Website’s Privacy Policy. This Policy is created in an effort to provide you with important information regarding your rights as a consumer. The contents of this Policy is not designed and should not be construed as legal advice. Any inquiries you may have regarding your loan or the presented loan offers should be addressed with the lender directly.

 

Commitment to Fair and Responsible Lending Practices

Time Finance Company, Inc. encourages consumers who feel their lender has violated any aspect of the law or regulatory requirements to file a complaint with the Consumer Finance Bureau, or any applicable enforcing agency.

The Equal Credit Opportunity Act (ECOA). ECOA prohibits discrimination based on race or color, marital status, religion, nationality or national origin, gender, age, income derived from public assistance programs, and the applicant’s exercise of any right under the Consumer Credit Protection Act. This Act applies to any extension of credit.

Fair Credit Reporting Act (FCRA). FCRA is intended to promote correctness, fairness, and confidentiality of information in Consumer Reporting Agency files by requiring the agencies to furnish correct and whole information to businesses when a consumer’s information is being evaluated for insurance, credit, or employment. Under the FCRA, consumers have the right to: (i) know the information within their credit file, (ii) be informed if information in their file has been used against them; (iii) dispute incomplete or erroneous data in their file; (iv) receive one disclosure at no cost every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies; (v) request a credit score from consumer reporting agencies for a fee; (vi) limit access the consumer’s file to people with a valid need for access; and (vii) limit unsolicited offers of credit and be provided with opt out rights of such communication.

The Truth in Lending Act (TILA). TILA is intended to promote knowledgeable use of consumer credit by requiring written disclosures regarding terms, costs and fees of loans before a consumer takes responsibility for the loan and provides a means for just and timely resolve of credit billing disputes and regulates credit card practices. Please note that this act does not mandate the charges that may be imposed for consumer credit. We are required to provide consumers with clearly written and discernable interest rates, late fees, and any other fees that may be connected with their loan before loan documents are fully executed.

Americans with Disabilities Act (ADA). The ADA prohibits discrimination against qualified individuals by ensuring that these individuals have equivalent access to goods and services offered by private businesses.

APR Disclosure

The Annual Percentage Rate (APR) is the yearly cost of credit, represented as a percentage. The APR includes fees related to originating the loan, not just the interest payments. By law, the lender must show you the APR before you enter into a loan agreement. States have laws limiting the Apr that the lender or partner can charge you. Please read the lender’s Privacy Policy before proceeding with a personal loan.

Implications of Late Payment and Non-Payment

If you obtain a loan, it is vital that you understand the implications that could result from making a payment late or from failing to make a payment. Each lending partner determines their own policy regarding fees that may be charged and/or other consequences from late or non-payments. Consequences can include added charges, negative implications to your credit history and score, collections, and more. We advise you to thoroughly review the payment policies provided in your loan documents before signing so you may understand the policy and any potential fees or penalties associated with late or non-payments.