While 12M Loans is not a direct lender, we do everything in our power to promote responsible lending and borrowing practices. Our goal is to provide customers with funding which is fast, easy, convenient and safe. To that end, we partner only with lenders who follow fair and transparent practices, operating within the framework of the law.
Our Responsible Lending Policy
To help protect you, we require that all our lenders conform to the following:
Why 12M Loans Considers that Responsible Lending is Important
Apart from ensuring the regulatory compliance, lenders need to actually implement processes that stick to the Responsible Lending practices. How can that possibly impact you as a client? As a client who borrows money, you are exposed to several verifications. This is why all the following aspects are important to be implemented in the safest and most correct way:
- Soft credit check and income verification: While there are lenders which do not run credit checks, we choose to work with those which run soft pull credit checks (credit checks which do not damage consumer credit), and also check income. We do this for your protection. It reduces the likelihood that you will be offered loans which you cannot afford.
- Transparent and fair marketing practices: Misleading marketing and sales tactics abound in the financial sector. For this reason, we strive for the highest level of transparency with all of our marketing materials and activities.
- Education on alternatives: In some cases, consumers are better served by long-term loan products than they are by short-term loan products. We seek to make visitors to our site aware of these alternative options. That way each customer can choose the most suitable loan product for his or her needs.
- Clear explanation of the loan process: We want you to understand the entire loan process from start to finish before you apply. To that end, we provide a clear, detailed description of each of those steps for you on our site so you know exactly what to expect.