Borrower Bill of Rights

Overview

Overview

The way small business owners borrow money is transforming. Innovators now provide faster and easier applications, as well as increased access to credit in underserved communities. This shift can change the lending landscape for the better—but only if it’s built on transparency, fairness, and the rights of borrowers.

To that end, we've identified the fundamental financing rights we believe all small business owners deserve. We’re encouraging the entire small business financing industry to join us in upholding them in the Borrower Bill of Rights, and in making small business lending as easy, fast, and fair as possible.

Article 1

The Right to Transparent Pricing and Terms

Article 2

The Right to Non-Abusive Products

Article 3

The Right to Responsible Underwriting

Article 4

The Right to Fair Treatment from Brokers

Article 5

The Right to Inclusive Credit Access

Article 6

The Right to Fair Collection Practices

Select Signatories

Select Endorsers

Endorsers are those who care about responsible business lending practices and support the Borrower Bill of Rights, but don’t offer their own small business financing services. If you would like to endorse the Bill of Rights, contact us .

What Borrowers Deserve from Loan Brokers:

A Pledge for Impartiality, Transparency, and Empowerment

We recognize that small business owners trust their loan brokers to help them make sense of the complicated loan process. With that in mind, we pledge to always act according to the following principles.

  • Impartiality

    We endeavor to be impartial in the advice and loan products we offer to borrowers, and agree to disclose in advance any conflicts of interest that could reasonably compromise that impartiality. We will:

    • Disclose our compensation from each lender verbally and onsite
    • Standardize the fees we receive from lenders within products in order to remain lender-agnostic
    • Never privilege one lender over another when borrowers come directly to our site
    • Charge no fees to a borrower if they do not accept a loan through our service
  • Transparency

    We agree to transparently and prominently disclose all information about loan options, including fees and terms, that borrowers need to make financing decisions. We will:

    • Disclose loan terms verbally and onsite in plain English
    • Itemize the costs of loans, including all scheduled and upfront fees, in plain English
    • Disclose the Annual Percentage Rates (APRs) and offer calculator tools to help borrowers understand their rates
    • Disclose the average rates and terms by product that previous borrowers have received
  • Empowerment

    We promise to empower borrowers to make informed decisions, and will only recommend credit products that are in their own best interest. We will:

    • Disclose the rights every borrower has when seeking a loan
    • Disclose every loan option borrowers qualify for without bias
    • Assess and explain the risks and rewards of every loan option borrowers qualify for to the best of our ability
    • Remind borrowers of the potential pitfalls of high-interest rate products verbally and onsite
    • Include onsite reviews from real borrowers of every lender and product offered through our service

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