As a responsible lender, we commit to you that this loan product abides by all applicable laws and that we strive for the utmost level of transparency and fairness:
Not for all financial needs
MobiCredit is an installment loan and is an expensive form of credit and will not solve your long-term needs. We encourage you to (1) borrow only what you need and can repay, and (2) shop the marketplace until you are convinced that you have found the best possible solution. You may choose to consult a consumer credit counseling service for other options.
Transparency of costs for your loan
The cost of credit will be clearly disclosed in the Truth in Lending disclosure provided to you prior to agreeing to the loan. We will never charge you any "hidden fees" that are not fully disclosed in the Installment Loan Note and Terms and Conditions.
Right of Cancellation
If you change your mind about your installment loan, you may cancel at any time prior to accepting the loan proceeds or within five (5) days of accepting your loan proceeds, and if you already received your funds, you return the received funds immediately.
Implications of Late and Non-Payment
If you don't make a payment on time we will attempt to contact you via one or more authorized methods, including phone calls, emails, and text messages to arrange for payment. All of our collections methods will be in accordance with the principles of the Fair Debt Collections Practices Act (FDCPA). In addition, we may re-present any returned payments to your bank in accordance with applicable law and regulatory requirements. If we are unable to reach you or we are unable to collect against your debt we may place or sell your debt with third party collection agencies. However, we only contract with collection agencies that agree to follow the FDCPA. Furthermore, since we may report loan payments to one or more credit bureaus, late or non-payment of your debt may impact your credit rating.
Responsible Renewals and Refinancing Options
You can only have one loan or line of credit with Mobiloans at a time. You must pay your account in full prior to applying with Mobiloans for another extension of credit.
Compliance with Laws
We are a tribal lending entity wholly owned by the Tunica-Biloxi Tribe of Louisiana, a federally recognized tribe located within the United States of America and operating within the Tribe's reservation. As such, we abide by applicable tribal lending laws and follow the principles of applicable federal lending laws where they don't conflict with tribal sovereignty. These laws include (but are not limited to):
- Electronic Fund Transfer Act
- Equal Credit Opportunity Act
- Fair Credit Reporting Act
- Fair Debt Collections Practices Act
- Gramm-Leach-Bliley Act Privacy Requirements
- Truth in Lending Act
- Telemarketing Sales Rule
We Respect Your Privacy
We adhere to all applicable privacy laws. Please see Privacy Policy for details.
Contacting Us
We always provide a physical address, a toll-free phone number, and an email address so that you can reach us in the most convenient manner for you. We strive to respond to your mail, calls, and email in as fast a manner as possible so we can quickly answer any questions and solve any problems you might have. Please see Contact Us for details.