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FAQ - Installment Loans



Q. What is Tremont Lending?

A. Tremont Lending specializes in helping people with short-term cash needs. Tremont Lending is owned and licensed by the Big Valley Band of Pomo Indians, a federally-recognized Indian Tribe, and is a Native American business operating within the exterior boundaries of its Reservation. If you do not accept these conditions, please do not apply. This installment loan may or may not be available in your particular state.

Q. What is Tremont Lending’s Policy on Responsible Lending?

A. Tremont Lending is subject to and follows all applicable Tribal and federal laws concerning consumer financial protection. We strive for the utmost level of transparency and fairness. It is imperative that customers understand the following about Tremont Lending’s products:
  • Not for all financial needs: This installment loan product is a short-term loan designed to help with immediate cash needs. It is an expensive form of credit. It will not solve a long-term financial need. Tremont Lending encourages borrowers to (1) borrow only what is immediately needed and can be repaid on time; and (2) reduce the prinicpal balance as quickly as possible.
  • Disclosure of costs for the loan: The loan agreement will show the amount financed, the finance charges, the total amount to be paid and corresponding APR (which is calculated based on an Interest Rate of 495%, and the length and payment structure of the loan) for the loan repayment.  Refinancing a loan to extend the term of the loan or to receive additional funds will result in additional interest charges. Late fees and non-sufficient funds/returned item fees may apply as described in the Loan Agreement. We will never charge you any "hidden fees" that are not fully disclosed in the Loan Agreement or the Loan Cost & Terms. If you don't make a payment on time we will attempt to contact you via one or more authorized methods.

Q. How will I receive the money and how soon will I receive it?

A. After a consumer completes and electronically signs his/her application online, Tremont Lending will need to verify certain information provided. This may include verifying bank account information, references, employment, etc. As part of the application process, the consumer chooses what method they wish used for receipt and payment of funds. Whichever method is chosen for receipt of funds, the same method must be used for payment.

Option 1 – Electronic, as soon as the next business day, directly into the consumer’s bank account, using the ACH (Automated Clearinghouse) network.

Option 2 – Postal mail, up to 7-10 days, using paper checks.

If we are able to verify all of the information required before 12 PM Pacific Standard Time on a non-holiday weekday, the funds will be released by us for mailing, or if chosen, deposited into a consumer’s bank account overnight. The fund’s availability in the consumer’s account the next morning will depend on the receiving bank’s procedures.

Q. How and when do I repay the installment loan?

A. Depending on the method chosen for receipt of funds (see previous question), payments must be made on each subsequent payday until the loan is paid off.

For electronic payments: One of the documents a consumer electronically signs authorizes Tremont Lending to withdraw a payment from a customer’s bank account via ACH transaction on the due date. This ACH authorization may be revoked. Please see the Preauthorized ACH Payment Agreement for details.

For postal mail payments: You must write a paper check and mail each loan payment. Be aware interest begins accruing on the date Lender issues the check for the loan proceeds. Tremont Lending is not responsible for any delays or lost checks related to the USPS. 

Q. What documents are part of the loan application?

A. After completing the application online, a consumer will be presented online with the Note & Disclosure Agreement, the Borrower Identification Statement, the Consent to Assign Wages Clause and the Preauthorized ACH Payment Agreement (if applicable). These documents outline the nature of the installment loan, including important disclosures regarding how much the loan is for, how much the consumer will pay in fees, when the loan will be paid back, and voluntary options for repayment in the event of a payment default. The consumer must read all of the disclosures very carefully before signing electronically on the website.  

Q. Do I need collateral?

A. No collateral is required for this installment loan.

Q. How is the finance charge calculated?

A. The loan is offered with a payback period of 6 biweekly or semi-monthly payments, depending on when you are paid. The loan has a fixed interest rate of 495% and your finance charge is calculated based on the day your funds are disbursed and your final payment date. The corresponding APR will vary and is calculated based on the Interest Rate, and the length and payment structure of your loan. Once calculated, your finance charge is added to the loan amount and you will have 6 equal payments to repay the entire loan amount, including principal and interest. If you choose to pay back the loan in full early in one payment, or you choose to refinance your loan, a rebate of the remaining interest will be calculated and credited back to your account.

Q. What is the APR on the Note and Disclosure Agreement?

A. The APR listed on the Note & Disclosure Agreement reflects what the interest rate would be if a installment loan were paid back over the course of a full year.  Consumers should look to the box labeled “Finance Charge” on the final loan agreement to see how much the installment loan will cost and the corresponding APR.

Q. Am I able to pay my installment loan back early?

A. An installment loan can be paid back early, and the consumer may be entitled to a partial refund of finance charges.

Q. What happens if I make a late payment or do not make my payment at all?

A. If payment is not made on time or is returned uncollected, Tremont Lending will attempt to contact a consumer via one or more authorized methods including phone calls, emails, text messages, or U.S Mail to arrange for payment. Late payments and non-payment of loans may result in additional fees or collection activities, or both. A returned payment fee of $40.00 will be assessed if payment is attempted and returned as unpaid. All collection methods will be in accordance with the spirit and letter of the Federal Debt Collections Protection Act (FDCPA). In addition, returned payments may be re-presented to the consumer’s bank in accordance with applicable law and regulatory requirements. If unable to contact a delinquent consumer or suitable payment arrangements are not made, Tremont Lending may contact the consumer’s employer to put in place the voluntary assignment of wages if expressly agreed to by the consumer when electronically signing the loan and Assignment of Wages. This Assignment of Wages is voluntary and may be revoked at any time by written notification to: Tremont Lending, P.O. Box 82, Finley, CA 95435 or by faxing notice request to (888) 212-0040.

Q. Can I request a deferral on my installment loan payment?

A. No, but in some circumstances, you may request and qualify for a refinance of your loan, allowing you more time to repay your loan. If approved, a new finance disclosure will be sent detailing the remaining principal balance, new finance charge, the new due dates, and the corresponding APR, as required. Refinancing will increase the cost of your loan, since the term is longer, or the amount borrowed greater (or both), than stated in the original loan agreement.

Q. What if I want to cancel my loan?

A. All customers may cancel their loan request within two business days of the approval date. If the principal balance was already deposited, it must be returned by the next business day. If the account has insufficient funds and the principal is therefore not returned, then the remaining balance of the loan, including finance charges, will be due and payable on the original due date.

Q. Is my application private and secure?

A. Yes it is. Our servers use secured site technology and SSL security on our web site. Access to your account information is limited to authorized personnel. If you have any other privacy questions, please click here to visit our Privacy Statement.

Q. What if I have outstanding loans with another company?

A. In order to help insure that a consumer is not borrowing more than can reasonably be expected to be repaid, a customer cannot have more than 60% of take home pay obligated in payments to cash advance, installment loan, or similar lenders, including any potential loan from Tremont Lending.

Q. What if I have poor credit or have filed for Bankruptcy?

A. Tremont Lending does not conduct a credit check with Transunion, Equifax, or Experian. Tremont Lending, however, uses data from other more specialized reporting agencies and a check monitoring service to prevent fraud. When electronically signing the loan agreement and other documents, the consumer agrees that he or she has not recently, nor plans to, file for Bankruptcy while having an outstanding loan with Tremont Lending.

Q. How do I know the amount to be withdrawn from my bank account is the amount on the disclosures?

A. Tremont Lending utilizes the Federal banking system to fund loans and facilitate loan repayment. Therefore, we must adhere to all applicable Federal Disclosure laws, as well as NACHA rules and regulations. The Preauthorized ACH Payment Agreement, if applicable, contains the authorization by the consumer, for payments in full, installment payments, or collection payments. The consumer must read and review the Preauthorized ACH Payment Agreement for specific details before electronically signing.

Q. What if I have further questions?

A. Please don’t hesitate to contact Tremont Lending with any questions. Tremont Lending can be contacted at (888) 212-0030, or in writing at:
 
Tremont Lending
PO Box 82
Finley, CA 95435