At My Back Wallet, every lender in our network is required by law to abide by all rules and regulations of State and Federal governments. Please review the following information to learn more about responsible lending practices.

Disclosure of Fees Including APR

All payday lenders must adhere to the Truth in Lending Act. Before you commit to any loan, your lender will provide you with information outlining the exact details of your loan terms, including fees and interest rates that will be assessed.

Frank-Dodd Wall Street Reform Act

This act requires payday lenders to follow fair lending practices, which are defined as “fair, equitable, and nondiscriminatory access to credit for consumers”. If you feel that your payday lender is not following the rules set forth by this act you can file a complaint with the Consumer Financial Protection Bureau.

Commitment to Fair Debt Collections

While you are repaying your loan you are protected by the Fair Debt Collections Act, which is overseen by the Federal Trade Commission. All lenders are required to follow all of the rules of this act. The act requires that lenders comply with fair debt collection practices, which include:

Not contacting you by phone before 8 am or after 9 pm.
Not harassing you or using abusive language towards you over the phone.
Not using deception to try to collect money from you.
Not threatening you with legal action if it is not permitted.
Our goal is to include reputable lenders in our network. If your lender fails to follow the rules outlined in the Fair Debt Collection Act, please contact My Back Wallet and file a complaint with the Federal Trade Commission.

Federal and State Regulations

All lenders in our network are required to act in accordance with all federal laws. Each state also has their own laws that govern payday loans. Please make yourself familiar with the rules and regulations of your state.