Responsible Lending Statement
Lift Credit, LLC commits that short-term cash advance loan products offered through the Lift Credit website (liftcredit.com) are issued in accordance with Utah State Laws and corresponding federal laws and regulations. We strive to provide our customers the greatest level of fairness and transparency available. We stand behind the following statements:
We Respect Your Privacy
We Intend Our Loans to be Used for Short-Term Purposes
Lift Credit provides short-term loans intended to help you meet your immediate financial needs. Our loans are not intended to help you with long-term financial needs.
Extending or refinancing your loan will result in additional finance charges and fees. Please only borrow the amount of money you need, and repay it as soon as possible. We highly encourage you to make early payments on the principal of your loan to reduce the additional finance charges you will incur if you refinance or extend your loan.
Please review the terms and conditions of the loan offered by Lift Credit and understand them thoroughly. Compare our terms and conditions with those offered by other companies and make your decision based on the best terms available to you. We encourage you to take advantage of consumer credit counseling centers. They will help you explore the best credit options available to you.
Right to Rescind (Cancel your Loan)
If you decide you do not want your loan within 24 hours of being approved, you may rescind your loan at no charge. You must return the loan proceeds in accordance with the terms listed in your loan agreement. Please read and understand your loan agreement for additional guidance on rescinding your loan.
Transparency of Loan Costs
The cost of your loan is clearly disclosed in terms of the Annual Percentage Rate (APR), finance charges, and total amount you are required to repay in accordance with Federal Truth in Lending Regulations. Late fees, returned items, Non-Sufficient Funds fees, and ongoing interest will apply as outlined in your loan agreement if you fail to pay your loan by the payoff date. We do not charge you hidden fees or penalties. Everything we charge, or will potentially charge, is fully disclosed in your loan agreement. Visit our liftcredit.com Rates and Fees page for information about your available rates in the State of Utah.
Late Payments and Non-Payment.
If you do not make a loan payment by your due date, and have not made prior arrangements for refinancing or extension of your loan with Lift Credit, we will attempt to contact you using one or more methods authorized by you in your loan contract. These methods include phone calls, emails, and text messages to arrange for payment.
In addition, we may re-present returned payments to your bank as outlined in your loan agreement. We will abide by applicable law and regulatory requirements in re-presenting returned payments.
If we cannot reach you and are unable to collect a delinquent balance owed, we will make a report to credit bureaus reflecting late or non-payment. Such action will possibly impact your credit rating and the ability to qualify for loans with other short-term lending companies. If the law allows us, we may also seek legal remedy.
Delinquent accounts may be placed or sold to a third-party collection agency that follows the FDCPA. As outlined above, late fees, returned item fees, and non-sufficient funds fees will apply as described in your loan agreement.
Lift Credit strives to help if you find yourself unable to make your payment on time. Please contact us before you are late or delinquent and we may have an alternate remedy for you. Our primary mission is to help your financial situation, not make it more daunting. The sooner you inform us of situations where payment may not be possible, the more flexible we can be in helping.
Responsible Renewals and Refinancing Options for Cash Advances
Lift Credit will not renew or refinance your loan without your express permission. The terms of loan renewal (extension) and refinance are outlined in the terms of your loan agreement. We highly encourage you to make early payments on the principal of your loan to reduce the additional finance charges you will incur if you refinance or extend your loan.
As always, we encourage you to visit our liftcredit.com Rates and Fees page for information about loan rates and terms in the State of Utah.
We Follow the Law
We comply with all applicable federal and state laws and regulations. The following federal laws apply to cash advance loans :
Truth in Lending Act (TILA) The Electronic Fund Transfer Act (EFTA)
The Fair Credit Reporting Act (FCRA) The Gramm-Leach-Bliley Act (GLBA)
The Equal Credit Opportunity Act (ECOA)
We provide, in many places on our website, our phone number, email address, and mailing address so that you can contact Lift Credit in multiple ways. We respond to your mail, calls, and emails as quickly as possible in order to answer your questions and resolve your problems.