 |
|
|
 |
We set high standards
for the way we do business
To ensure honest, responsible business practices, SecondWallet promises the following:
|
|
|
|
|
|
We always provide full disclosure - SecondWallet always complies with the disclosure
requirements of the State in which the payday advance office is located and with Federal
disclosure requirements including the Federal Truth in Lending Act - outlining the terms of
the payday advance transaction and disclosing any and all costs of our service fees both as
a dollar amount and as an annual percentage rate ("APR").
We never charge unauthorized fees - SecondWallet always complies with all applicable
State and Federal laws and we never charge a fee or rate for a payday advance that is not
authorized by State or Federal law.
We never try to mislead our customers - SecondWallet never advertises its payday advance
services in any false, misleading, or deceptive manner.
We promote financial responsibility - SecondWallet encourages consumer responsibility
by notifying its customers of the intended use of the payday advance service: that a payday
advance is a short-term cash flow tool not designed as a solution for longer term financial
problems. We encourage customers with these problems to seek credit counseling services.
We never perform unauthorized rollovers - SecondWallet always complies with State
laws on rollovers (the extension of an outstanding advance by payment of only a fee). In States
where rollovers are not specifically allowed we will not under any circumstances allow a customer
to do a rollover. In the few States where rollovers are permitted, we will limit rollovers to four
(4) or the State limit, whichever is less.
We always extend the right to rescind - SecondWallet gives its customers the right to
rescind, at no cost, a payday advance transaction on or before the close of the following business day.
We'll never harass or intimidate for collection purposes - SecondWallet will only collect
past due accounts in a professional, fair and lawful manner. We never use unlawful threats,
intimidation, or harassment to collect accounts. CFSA believes that the collection limitations
contained in the Fair Debt Collection Practices Act (FDCPA) should guide a member's practice
in this area.
We always treat customers with respect and dignity. SecondWallet will not threaten or pursue
criminal action against a customer as a result of the customer's check being returned unpaid or the
customer's account not being paid.
We set high standards for others - SecondWallet may market and service payday advances made
by a federally insured financial institution, provided the financial institution does the following:
(1) sets its own credit criteria; (2) approves and funds each advance; (3) complies with applicable
State disclosure requirements, where not inconsistent with Federal law; (4) complies with applicable
State law as to the number of rollovers; (5) permits SecondWallet to purchase no more than a deminimis
amount of the advances, or any such other amount which may be consistent with safety and soundness
determinations by Federal or State banking regulators and; (6) complies with the guidelines and
regulations on payday lending issued by the financial institution's Federal or State regulator.
We provide special consideration for those in the military - SecondWallet complies with a
separate code of Military Best Practices that addresses the unique circumstances of active duty
military customers. These special consumer protections include, among others: a prohibition on the
garnishment of military wages or salaries and on contacting the military chain of command to collect
payment; and the establishment of financial literacy initiatives that will benefit service men
and women.
Get Payday Advance Now >>
|
