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Consumer Alerts

The federal Truth in Lending Act treats payday loans like other types of credit.Unfortunately, not all Internet lenders are reputable. While many consumers can benefit from using online loan services, it is important as a consumer that you carefully evaluate each lender. You want lenders who are accredited and licensed. Before you accept any loan from an online lender, you need to know the following

While a lender may offer you the best deal on a loan, if you are borrowing money, you want to verify the lenders identity and make sure you find out about the quality of their service. You may contact your state attorney general (//www.naag.org ) to find out about payday and short-term loans for bad credit and to verify lenders.

Why caution matters

Because the Internet opens the opportunity for unscrupulous people, you could find out you are providing your name, address and banking information to someone who is not a lender and not affiliated with a lender. This may mean you could be the victim of identity theft or fraud. If you do your reasearch and find out you have fallen for an Internet scam, you should report this to the Better Business Bureau as well as the Federal Trade Commissions Internet Crime Division.

Loan Modifications

Many borrowers are in debt and are considering modifying their loans. Before you do there are some things you need to know:

 • Never pay an advance fee for a service without verifying the authenticity of the company. You must ensure the company you use has a residential mortgage originator license. This can be verified through the banking division of your state.

 • Understand that the individual or company offering you a loan modification service is acting indirectly as the mortgage originator and is considered a third party. All loan originators must be registered and licensed in your state. In addition, they are bound by law to comply with the standards of conduct as specified by the state law.

 • Regardless of what you are told, do not stop paying your mortgage loan during the modificaiotn process. Continue to send your payments to your current mortgage lender and not to a modification company.

 • There are non-profit groups who will help you with loan modificaiton. In many cases, these services are avialable from Fannie Mae or HUD. They can also assist you with mortgage and foreclosure issues.

Fraudulent activity on the Internet must be reported. File a complaint, if your personal information has been compromised, notify your bank and local law enforcement authorities.

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