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Consumer Protections

Traditional Installment Loans are Designed to Protect All Consumers
The underwriting process of a traditional installment loan in NC is designed to protect the consumer by ensuring that the individual borrower has a reasonable ability to repay the loan. This helps prevent consumers from becoming over extended with their debt obligations.

In order to obtain a traditional installment loan, a consumer must fill out a detailed credit application. The lender then carefully examines the borrower budget, looking at the applicant monthly income and any other obligations the consumer has. Many times, the lender and consumer sit down and discuss a monthly budget and whether or not the consumer can take on a new bill comfortably. Only after this rigorous underwriting process completes is the consumer approved for the loan. At the loan closing, the terms of the loan are explained in a face to face setting, allowing for the consumer to ask any questions and ensuring that the borrower is comfortable with the terms before signing the paperwork.

Protecting Military Families
Resident Lenders of North Carolina has a long-established and well documented history of protecting all North Carolina consumers by providing easy to understand installment credit options. Our commitment to service members is especially importnt given that North Carolina is home to the third largest military population in the United States.

 The Military Lending Act of 2007 was designed to protect military families from predatory lending practices. In the bill, the Department of Defense specifically outlined traditional installment loans as a responsible credit option for military families.

In 2011, RLNC submitted comments to the Consumer Financial Protection Bureau (CFBP) regarding consumer financial products and services being offered to service members and their families: Read More