Question: Can a lender have different rules for making loans to women, men, or minorities?
Answer: No. The Federal Equal Credit Opportunity Act (ECOA) ensures that everyone has an equal chance to obtain credit. This doesn't mean that everyone who applies for credit will get it. Factors such as income, expenses, debt, and credit history are considerations. It does mean that a creditor may not discourage you from applying because of your sex, marital status, age, race, national origin, or because you receive public assistance.