Borrowers have the right to be informed about any changes to their loan terms, including adjustments to interest rates, fees, or repayment schedules. Under the Financial Products and Services Consumer Protection Act (FCPA 2022), lenders are required to communicate these updates transparently.
Why This Right is Important
Changes to loan terms can have a significant impact on your financial plans. Being informed allows borrowers to adjust and avoid surprises. For example:
- Interest Rate Adjustments: Changes in market conditions may affect interest rates, altering your repayment amount.
- Fee Revisions: New or increased fees should always be disclosed in advance.
- Repayment Modifications: Any changes to your payment schedule must be communicated clearly to ensure compliance.
How Borrowers Can Stay Informed
Here are steps you can take to stay updated on your loan terms:
- Review Notifications: Always read updates from your lender carefully.
- Ask Questions: If anything is unclear, contact your lender for clarification.
- Keep Records: Maintain copies of all communications regarding changes to your loan terms.
Mount Fuji Lending’s Commitment to Transparency
At Mount Fuji Lending, we prioritize open communication with our clients. Here’s how we keep borrowers informed:
- Proactive Updates: We notify clients of any changes to loan terms promptly and transparently.
- Clear Explanations: Our team ensures you understand the implications of any updates.
- Collaborative Solutions: If changes pose challenges, we work with you to find manageable options.
