Family Agriculture Resource Management Services (F.A.R.M.S.), a national nonprofit, has announced the launch of LoanGuard, a free AI-powered tool designed to protect property owners and non-farming individuals from predatory lending practices. The tool is now available at loan-scan.com.
Jillian Hishaw, Esq., Founder and Director of F.A.R.M.S. and a licensed bankruptcy attorney with over two decades of experience, stated 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 addresses this threat by instantly analyzing loan documents for potentially harmful clauses, excessive interest rates, and unfair penalties that often remain buried in legal jargon. Users upload their loan documents to the secure website, and the AI system scans for known predatory terms and conditions. Users then receive a comprehensive report highlighting potential risks, and if concerning terms are detected, they are provided free access to educational resources.
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 a proactive approach to prevention rather than costly litigation. Hishaw noted that one bankruptcy client had a personal loan with a 249% interest rate, emphasizing the tool's usefulness for people seeking to secure personal loans without extremely high interest.
The completely free service reflects F.A.R.M.S.' dedication to equipping underserved communities with the knowledge to combat unfair lending practices. The site includes a current news feed regarding predatory lending topics and lending suggestions that offer better terms than typical predatory lenders. For more information about F.A.R.M.S., visit 30000acres.org. Additionally, users can take a free quiz at generationalfinancialwealth.com to determine their ranking regarding personal debt and estate planning, and receive a 10% discount off drafting a will and power of attorney for less than $200.
LoanGuard is not just for farmers but for the general public, as predatory lending affects communities nationwide. By providing this free tool, F.A.R.M.S. aims to empower individuals with the knowledge needed to protect their livelihoods before signing potentially devastating agreements.
