Small Loan License Bond

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Like many other types of surety bonds, the small loan license surety bond is executed primarily to protect the consumer from fraudulent or otherwise illegal activities on the part of the lender. The small loan license surety bond is just one of a variety of safeguards in place to ensure that borrowers receive loans which adhere to federal, state, and local laws regarding lending, and can provide a financial incentive for the lender to perform according to these laws. The bond prevents the lender from charging excessive loan fees, interest rates, or making predatory loans to individuals.