Yesterday in Washington D.C. a coalition of lenders, credit marketplaces, brokers, nonprofits and others introduced the "Small Business Borrowers" Bill of Rights," aimed at eliminating "predatory lending" to small businesses. The goal of the Bill is to build up awareness on the side of borrowers, in the hope that lenders and brokers who are not following best practices will either have to change or fail. In addition to providing information about how borrowers can get out from under their loans, this bill also provides for an online form where consumers can submit complaints against any lender they believe has been engaging in unfair
Yesterday in Washington D.C. a coalition of lenders, credit marketplaces, brokers, nonprofits and others introduced the "Small Business Borrowers" Bill of Rights," aimed at eliminating "predatory lending" to small businesses. The goal of the Bill is to build up awareness on the side of borrowers, in the hope that lenders and brokers who are not following best practices will either have to change or fail. So far, signatories include Accion, Fundera, Funding Circle, Lending Club, Opportunity Fund, and Multifunding, with the coalition encouraging all parties in the industry to sign on to follow the guiding principles.