Nav Backs the Small Business Borrowers’ Bill of Rights
At Nav, we believe every small business owner deserves to know they’re getting a fair shake when pursuing the capital they desperately need. Too often, we see financing products with complex terms that take advantage of the business owner’s desperation. Running a small business is hard enough. You shouldn’t need a PhD in Math to calculate the cost of your loan.
That’s why we’re proud to join other industry leaders in supporting the Small Business Borrowers’ Bill of Rights.
Nav was created because of our firsthand experience in facing the same financing challenges that business owners are dealing with today. We’re here to help business owners make sense of their funding options and help them qualify for the best available financing products. The Small Business Borrowers’ Bill of Rights strikes at our core mission.
We believe disclosures should be up front, easy to understand and easy to calculate, so business owners can make an educated borrowing decisions. Although the influx of new online lenders have made it easier to access capital, the industry is largely unregulated. This opens the door for less-than-honorable lenders to take advantage of financing complexities. As a result, too many businesses continue to fail–not because they can’t access capital–but because they’re forced to pay back unaffordable financing.
The introduction of the Small Business Borrowers’ Bill of Rights is a step in the right direction in educating and empowering small business borrowers.
As signers, we promise to uphold the following:
- The Right to Transparent Pricing and Terms, including a right to see an annualized interest rate and all fees
- The Right to Non-Abusive Products, so that borrowers don’t get trapped in a vicious cycle of expensive re-borrowing
- The Right to Responsible Underwriting, so that borrowers are not placed in loans they are unable to repay
- The Right to Fair Treatment from Brokers, so that borrowers are not steered into the most expensive loans
- The Right to Inclusive Credit Access, without discrimination
- The Right to Fair Collection Practices, to prevent harassment and unfair treatment
For more information, please visit: responsiblebusinesslending.org/