Fair lending with Affirm
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Fair lending applies to the entire life cycle of a loan, including advertisement of the credit product. ECOA is a regulation that implements fair lending laws. Fair lending means:
•Treat similarly situated individuals similarly
•Avoid discouraging individuals from applying
•Retailers cannot impose additional application requirements to the Affirm application process
•Target a broad demographic
•While a retailer may be inherently attractive to a particular demographic, the retailer should avoid targeting Affirm financing on a prohibited basis. Prohibited bases include:
•Race
•Color
•Religion
•National origin
•Sex
•Marital status
•Age (provided the applicant has the capacity to contract)
•Income dependency on a public assistance program