Understanding Your Rights as a Borrower
Your rights as a borrower are designed to protect you from unfair, misleading, or predatory lending practices. By knowing what to expect from a fair loan provider, you can make confident decisions and avoid unnecessary risks.
Salarly follows these principles to ensure that every borrower experiences a fair, transparent, and secure process.
👉 Read more about: What Makes a Loan Fair
Right to Clear and Transparent Information
The Truth in Lending Act (TILA) implements a regulation that requires lenders to disclose standardized information about various financing products, ensuring consumers can make informed decisions. Therefore, you have the right to understand the full cost of your loan. This includes:
- The annual percentage rate (APR)
- All fees or charges
- The repayment schedule and total amount owed
Salarly provides loan agreements that outline every detail upfront. There are no hidden fees, and all terms are explained in clear language.
Right to Fair Treatment
The Equal Credit Opportunity Act (ECOA) is a U.S. federal law designed to ensure fair lending practices by prohibiting discrimination in any aspect of a credit transaction. A loan provider cannot base eligibility on race, gender, religion, or other unrelated personal factors.
Salarly adheres to state laws in the jurisdictions where we are licensed to ensure compliance with all applicable regulations. We review applications based on income, employment, and payroll verification, ensuring fair and equal treatment for all eligible professionals.
Right to Repay Without Penalty
Borrowers should not be charged extra for paying off a loan early. The ability to repay ahead of schedule is part of your rights as a borrower.
Salarly loans have no prepayment penalties, so you can reduce your debt faster without additional cost.
Right to Privacy and Security
A fair loan provider must protect your personal and financial information.
Salarly safeguards borrower data with encryption and strict privacy standards. Our processes comply with federal consumer protection laws, including the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA). We use bank-level, 256-bit encryption. Data security and privacy are our highest priorities, ensuring all information is kept safe and confidential.
Right to Accessible Support
Borrowers should have access to customer service to resolve questions or concerns. Our website is designed to be ADA-compliant, ensuring that individuals with disabilities can access information, communicate with customer service, and resolve concerns without barriers.
Salarly provides readily available customer support, for whatever you need! But don’t take it from us, read what other customers had to say.
Why These Rights Matter
Your rights as a borrower ensure your financial journey is transparent, secure, and fair. By choosing a provider that respects these rights, you protect yourself from unnecessary risks. Salarly is committed to upholding these standards so that you can focus on achieving financial stability.
FAQs: About Your Rights as a Borrower
What makes Salarly a fair loan provider?
Salarly offers payroll linked loans with clear terms, no hidden fees, and automatic payroll deductions that simplify repayment.
Can I repay my loan with Salarly early?
Yes. Borrowers have the right to repay early without penalties, and Salarly supports this option.
How does Salarly keep my information safe?
We use data encryption and comply with consumer protection laws like GLBA and FCRA to keep borrower information secure.
Why is transparency important when borrowing?
Transparency helps you understand the cost of borrowing and prevents surprises. Salarly clearly outlines all loan terms in the agreement before you accept.
