The Council for Fair Lending
was established in May of 2007 by a group of Alabama-based cash advance
and title loan lenders who recognized a need for accountability within
the industry as well as a need to better educate Alabama residents and
members of the media about the important services short term lenders
provide to their customers.
All
members of the Council for Fair Lending have agreed to a
Code of Fair Lending
to which stores must adhere. This code promises fairness, honesty and
integrity in all business practices, specifically noting that members
will:
-
Promote the responsible
use of credit and strive to educate the
consumer on financial choices that are available to them.
-
Exercise compassion when
warranted by customer situations to arrange repayment options.
-
Be especially careful in
assisting customers that are on fixed incomes by offering reasonably
affordable loans.
