Family Agriculture Resource Management Services (F.A.R.M.S.), a national nonprofit, has announced the launch of LoanGuard, a free artificial intelligence tool designed to protect property owners and individuals from predatory lending practices. The tool, available at loan-scan.com, analyzes loan documents for potentially harmful clauses, excessive interest rates, and unfair penalties that often remain hidden in legal jargon.
Jillian Hishaw, Esq., founder and director of F.A.R.M.S., a licensed bankruptcy attorney with over 20 years of experience, noted that many of her clients have lost generational wealth due to hidden predatory terms in loan agreements they did not fully understand. According to a recent U.S. Federal Trade Commission report, borrowers are charged nearly $3 billion annually in fees for predatory loans such as payday, car-title, and high-cost installment loans.
LoanGuard operates through a simple process: users upload their loan documents to the secure website, the AI system immediately scans for numerous known predatory terms and conditions, and users receive a comprehensive report highlighting potential risks. If concerning terms are detected, free access to educational resources is provided. Hishaw cited a recent bankruptcy client who had a personal loan with a 249% interest rate, emphasizing the tool's utility for people seeking personal loans without extremely high interest.
Over its nearly 13-year history, F.A.R.M.S. has saved $25 million in property assets by litigating against predatory lenders and utilizing estate planning methods. This new AI tool represents the organization's proactive approach to prevention rather than costly litigation. The completely free service reflects F.A.R.M.S.' ongoing dedication to equipping underserved communities with the knowledge needed to combat unfair lending practices. The site also includes a current news feed regarding predatory lending topics and lending suggestions that offer better terms than typical predatory lenders.
To learn more about F.A.R.M.S., visit 30000acres.org. Additionally, a free quiz to determine how individuals rank regarding their current personal debt and estate planning journey is available at generationalfinancialwealth.com, where users can also get a 10% discount off drafting their will and power of attorney for less than $200.
