Responsible Lending

Our Commitment to Responsible Lending

CRE Loan Scout LLC operates as a loan matching and referral service. We are not a lender and do not make credit decisions, fund loans, or set loan terms. We connect borrowers with third-party lenders in our network who may offer personal loans. We are committed to facilitating connections that align with responsible lending principles and to providing borrowers with clear, accessible information to make informed decisions.

Our Principles

• Transparency: We strive for transparency in rates, fees, and terms. Lenders in our network are expected to disclose the cost of credit, including APR, fees, and total repayment amount, in accordance with the Truth in Lending Act (TILA) and applicable state laws.
• Clear Disclosure: Loan offers should be presented with clear disclosure before you commit. You should understand the monthly payment, total cost, and key terms before accepting any offer.
• No Pressure: You are never obligated to accept any loan offer. Submitting an application does not create a commitment to borrow. You may compare offers and decline any that do not meet your needs.
• Access to Information: We provide access to information about your rights as a borrower, including dispute rights, rescission rights where applicable, and how to contact us or your lender with questions.

Our Standards for Lender Partners

We work with lenders who are expected to follow applicable federal and state laws, including but not limited to the Truth in Lending Act, the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), and state consumer protection and lending laws. We expect our lender partners to:

• Disclose loan terms in plain language and in compliance with regulatory requirements
• Show APR and total cost of credit upfront, before the borrower accepts an offer
• Allow borrowers to compare options and make informed decisions without undue pressure
• Comply with fair lending laws and not discriminate on prohibited bases
• Handle consumer complaints and disputes in accordance with applicable law

We do not control the lending decisions, terms, or practices of individual lenders. Each lender sets its own eligibility criteria, rates, fees, and loan terms. We encourage you to review each lender's terms carefully.

Your Rights as a Borrower

• No Obligation: You are never obligated to accept a loan. Submitting an application does not guarantee approval, and you may decline any offer for any reason.
• Right of Rescission: For certain types of loans (such as home equity loans), you may have a right to cancel within a specified period (typically three business days) after closing. Your lender will provide rescission notices where required by law.
• Right to Dispute: You have the right to dispute inaccurate information on your credit report with the credit bureaus. You also have the right to dispute billing errors with your lender as provided in your loan agreement and under applicable law.
• Right to Information: You have the right to receive copies of your loan documents and to ask questions about your loan. Contact your lender directly for loan-specific questions, or contact us at [email protected] or (973) 587-2399 for general inquiries.

Borrowing Tips

We encourage responsible borrowing. Consider the following before accepting a loan:

Borrow Only What You Need

Taking out more than you need increases your interest and repayment burden. Consider your actual expenses and borrow accordingly. A smaller loan means lower monthly payments and less total interest over the life of the loan.

Understand the Total Cost

Look at the APR and total repayment amount, not just the monthly payment. A longer term may mean lower monthly payments but higher total interest. Use the example scenarios on our Rates & Fees page to compare different loan structures.

Budget for Repayment

Ensure you can afford the monthly payment before accepting a loan. Consider your income, expenses, and other financial obligations. Missing payments can result in late fees, damage to your credit score, and potential default. Set up automatic payments or reminders if your lender offers them.

Read the Agreement

Review your loan agreement carefully before signing. Understand the fees, due dates, interest rate, and what happens if you miss a payment. Pay attention to prepayment terms, late fee amounts, and any other conditions that may affect the cost or terms of your loan.

Know Your Options

If you have trouble repaying, contact your lender as soon as possible. Many lenders offer hardship programs, payment plans, or other options for borrowers experiencing financial difficulty. Ignoring the problem can lead to default, collection activity, and negative credit reporting.

Compliance and Regulatory Framework

Our service and the lenders in our network operate within the framework of federal and state consumer protection laws. These include the Truth in Lending Act (TILA), which requires disclosure of the cost of credit; the Equal Credit Opportunity Act (ECOA), which prohibits discrimination in lending; the Fair Credit Reporting Act (FCRA), which governs the use of credit reports; and various state laws that may impose additional requirements or restrictions. Loan availability, terms, and rates vary by state.

Contact Us

If you have questions about our responsible lending practices or need assistance, please contact us:

CRE Loan Scout LLC
1624 E Catalpa St
Springfield, MO 65804-0202
Email: [email protected]
Phone: (973) 587-2399