Monevo Fair and Responsible Lending Policy

Effective Date: 02/05/2020
Last Reviewed on: 04/06/2020

You acknowledge that this Policy is designed to be read in connection with the Site’s Terms of Service and Privacy Policy. By accessing or using our Site, you agree to be bound by the Site’s Terms of Service and Privacy Policy. This Fair and Responsible Lending Policy is created in an effort to provide you with valuable information regarding your rights as a consumer and practices that may be applicable to our Partners

The content on this page is not designed to be and should not be taken as legal advice. The provided details do not cover all sections of each law, act, or regulation. Any inquiries you may have regarding your loan or the presented loan offers should be addressed with the Lender directly. 

Introduction

Monevo is not a lender or party to any loan or other transaction, does not broker loans to lending partners, and does not make personal loans or credit decisions. We submit the information you provide us to the lending partners in our database who may use a soft credit check(s) to assess your eligibility for a personal loan and may then provide pre-qualified loan offers. 

Monevo is committed to working with responsible lending partners who bar abusive, misleading or fraudulent lending practices.  

You can learn more about how our lending partners assess your eligibility for a loan in Section 1 of the Terms. The amount of any personal loan offer, if one is made, will vary depending on the lending partner, your creditworthiness and your state’s laws. There is no guarantee you will be presented with any personalized personal loan offers, or that upon presentation of any personalized personal loan offers, you will qualify for the rates, fees, or terms shown on this site.

If you receive a personal loan offer from one of our lending partners it is imperative that you review each lender’s terms and conditions before proceeding with an application for a loan. Please note, that at the point of application with the lending partner you may be subject to a full credit check. 

Monevo’s Commitment to Fair and Responsible Lending Practices

Fair Lending Laws are a culmination of laws and regulations intended to protect consumers by prohibiting unfair and discriminatory practices. Details on certain relevant laws regarding consumer protection are included below for informational purposes. 

Monevo encourages consumers who feel their lender has violated any aspect the law/laws or regulatory requirements to file a complaint with the Consumer Finance Protection Bureau, or 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 (so long as the applicant is capable of entering into a contract), 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:
    • Know the information within their credit file
    • Be informed if information in their file has been used against them
    • Dispute incomplete or erroneous data in their file
    • Receive one disclosure at no cost every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies
    • Request a credit score from consumer reporting agencies for a fee
    • Limit access the consumer’s file to people with a valid need for access
    • Limit unsolicited offers of credit and be provided with opt out rights of such communications.
  • 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. This act additionally provides consumers the right to withdraw from certain credit dealings involving a lien on the consumer’s dwelling, provides a means for just and timely resolve of credit billing disputes and regulates credit card practices. Note, this Act does not mandate the charges that may be imposed for consumer credit. The lenders in Monevo’s network 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): This Act prohibits discrimination against qualified individuals with disabilities by ensuring that these individuals have equivalent access to goods and services offered by private businesses.

Debt Collection Practices

Monevo is not a lender, does not fund loans, and does not engage in any kind of practice related to debt collection. Monevo aims to work only with reputable lenders who adhere to fair debt collection practices and guidelines. 

Monevo supports the provisions of the Fair Debt Collection Practices Act which is enforced by the Federal Trade Commission. The Act forbids collectors and collection attorneys from using misleading behaviors, harassment, and other unethical practices in an effort to collect debt. The Act additionally stipulates specific hours of the day in which consumers may be contacted. 

The FDCPA typically does not apply to first party creditors, however certain states have passed laws similar to the FDCPA that may apply to first party creditors. Certain lending partners of Monevo may collect their own debts and therefore may be subject to state lending or debt collection regulations.

If a lender directly or indirectly violates a debt collection law or regulation we suggest reporting the violation to the FTC. 
 
Implications of Late Payment and Non-Payment 

If you obtain a loan, it is vital that you understand 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.

State Regulations

Monevo has a due diligence process in place to aid in ensuring that our partners are abiding by the applicable state and federal regulations. However, Monevo is not responsible for any actions conducted from sources outside its control.

Individual states may have their own regulations for lending, including laws pertaining to interest rate limitations, rollover terms, fees, loan terms, recession periods, etc.  While Monevo does our best to ensure the lending partners within our network comply with all federal and state regulations, it is necessary for each consumer to educate themselves about their loan offer prior to considering whether or not to accept the offer. This includes the federal and state laws, rules, and regulations that apply. 

Marketing Practices

To utilize Monevo’s services, you must agree to our Terms of Service, Credit Authorization Agreement, Privacy Policy, and E-Consent. By proceeding with the use of Monevo’s service, you are requesting to seek pre-qualified loan offers from the lending partners through the sharing of the information that you provide to us. 

By submitting your information on the Monevo website you may also choose to give your express consent to receive marketing and advertising materials from Monevo, our lending partners, and third-party advertising partners with whom we may also share your information. Monevo additionally partners with third party email marketing providers with whom you may receive Monevo marketing from if you have opted in to receiving such emails from the third party. 

You can opt out of receiving email marketing from Monevo at any time by following the instructions here to unsubscribe your email address from future communication.