Family Agriculture Resource Management Services (F.A.R.M.S.) has launched LoanGuard, a free artificial intelligence tool designed to protect property owners and non-farming individuals from predatory lending practices. The tool addresses a significant national problem highlighted by recent federal data showing borrowers are charged nearly $3 billion annually in fees for predatory loans such as payday, car-title, and high-cost installment loans according to a U.S. Federal Trade Commission report.
LoanGuard operates by allowing users to upload loan documents to the secure website https://loan-scan.com where the AI system immediately scans for numerous known predatory terms and conditions. Users receive a comprehensive report highlighting potential risks, and if concerning terms are detected, they gain free access to educational resources about predatory lending practices. The tool specifically looks for hidden predatory terms in loan agreements, excessive interest rates, and unfair penalties that often remain buried in legal jargon.
Jillian Hishaw, Esq., Founder and Director of F.A.R.M.S., explains that many clients have lost generational wealth due to hidden predatory terms in loan agreements they didn't fully understand. As a licensed bankruptcy attorney with over two decades of expertise in protecting agricultural assets, Hishaw notes that recently, a bankruptcy client had a personal loan with a 249% interest rate, demonstrating the urgent need for tools like LoanGuard. 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.
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 site includes current news feed regarding predatory lending topics and lending suggestions who offer better terms than the typical predatory lender. While F.A.R.M.S. has traditionally focused on agricultural communities, LoanGuard is designed for the general public, recognizing that predatory lending affects diverse populations across the country.
The launch of LoanGuard comes at a critical time when many individuals face financial pressure and may be vulnerable to exploitative lending practices. By providing immediate, accessible analysis of loan documents, the tool empowers people with the knowledge needed to protect their livelihoods before signing potentially devastating agreements. The service represents a significant advancement in consumer protection technology, moving beyond traditional educational approaches to provide concrete, actionable analysis of specific loan documents. For more information about F.A.R.M.S., visit https://30000acres.org.
