Aura’s Principles of Conscientious Credit

Aura was founded on a set of principles and beliefs about how we should build our products and serve our communities.

 
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Responsible Lending

We don’t lend to anyone who cannot afford to pay us back. As part of ensuring our loans do no harm, we follow the CFPB's rule on ability to repay (ATR). It ensures that lenders take reasonable steps, such as verifying income, before extending credit. 

 
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Fair Rates

We charge fair rates to communities that are usually targeted by predatory lenders. We follow a guideline set by the FDIC and consumer advocates which caps interest at 36% for small dollar loans.

 

Personalized Payment Schedules

Loan payment dates are always aligned with our borrowers’ individual pay cycles. We believe this sets up borrowers for on-time loan payment success.

 
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Transparency

We market the total cost of a loan, including fees + interest rates, so customers can easily see the true cost of their loan. All APR disclosures are shown by Aura during the loan application process. There is no bait and switch marketing. We have no hidden fees. Our disclosures are written clearly and simply, and are available in English and in Spanish.

 
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Customer Protection

We treat customers with respect and understanding. We work with customers through financial hardships. All collections are handled in-house to ensure compassionate and successful loan repayment. We never engage 3rd party collectors. We do not believe in forced arbitration. We believe customers should always have a voice against companies if they experience mistreatment.

 
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Commitment to Customer Credit

We report all payments to the credit bureau to help create or rebuild a borrower’s credit history.

 
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Credit Education

We are committed to providing financial resources to all borrowers. This includes free credit scores, budgeting tools and educational videos.  Additionally, Aura offers detailed, personalized information so borrowers can understand how banks view them with steps to improve their standing.