Who may apply for the Pilot Program on Increased Access to Responsible Small Dollar Loans

The Increased Access to Responsible Small Dollar Loans Pilot Program permits licensed finance lenders to seek approval to participate in a pilot program with the following features: Lenders may offer loans through “finders”; Unsecured loans may be from $300 to $2,500; The interest rates are capped at amounts that are marginally higher than the California Finance Lenders Law has previously permitted; Borrowers are entitled to credit education; and Borrowers may build credit by having loan performance reported to a major credit reporting agency. The program has additional requirements, and therefore finance lenders are encouraged to review the new law and regulations to see if participation in the program is right for them.