Family Agriculture Resource Management Services has launched LoanGuard, a free artificial intelligence tool designed to protect property owners and individuals from predatory lending practices. The tool instantly analyzes loan documents for potentially harmful clauses, excessive interest rates, and unfair penalties that often remain buried in legal jargon.
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 growing threat by providing users with a comprehensive report highlighting potential risks after uploading documents to the secure website at https://loan-scan.com.
‘Many of my clients have lost generational wealth due to hidden predatory terms in loan agreements they didn’t fully understand,’ explains Jillian Hishaw, Esq., Founder and Director of F.A.R.M.S. The licensed bankruptcy attorney with over two decades of expertise in protecting agricultural assets noted that a recent bankruptcy client had a personal loan with a 249% interest rate.
Over its nearly 13-year history, F.A.R.M.S. has successfully 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 budget communities with the knowledge they need to combat unfair lending practices.
Users who upload their loan documents receive immediate scanning for numerous known predatory terms and conditions. If concerning terms are detected, free access to educational resources is provided. The site includes a current news feed regarding predatory lending topics and lending suggestions for institutions offering better terms than typical predatory lenders.
‘This tool empowers people with the knowledge needed to protect their livelihoods before signing potentially devastating agreements,’ Hishaw notes. The service is available to the general public, not just farmers, through the organization’s website at https://30000acres.org. The tool’s development responds to a clear need identified through Hishaw’s extensive bankruptcy and estate planning experience over the past decade.
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