How to check a lender’s license in your state

Step 1: NMLS Consumer Access

NMLS Consumer Access is a free service to confirm that a financial-services company is authorized to do business in your state (Massachusetts regulator ↗, CSBS ↗). Search by company name or NMLS ID, then open the record and check the license list for your state and its status.

Not every state licenses every type of lender on NMLS; CSBS lists which agencies license non-depository financial services there (CSBS ↗).

Step 2: your state regulator

If the company is not on NMLS, search your state’s banking or consumer-credit regulator. CSBS keeps a directory of state agencies (CSBS ↗). Our state payday law pages cite the regulator for each state we cover.

Step 3: banks and bank partners

Many online lenders say “loans are made by X Bank”. Look that bank up in FDIC BankFind by name or website address; the FDIC suggests comparing the bank name with the URL to spot fakes (FDIC ↗, BankFind ↗).

What to check in the record

• The legal name matches the name in your loan offer.
• The license covers your state and is active or approved.
• The address and website match what the company shows you.
• Any disciplinary actions listed by the regulator.

Red flags

• The company will not give its legal name or license number.
• The “bank” is not in BankFind, or the website differs from the one listed.
• An offshore or tribal lender says your state’s law does not apply — see tribal loans.
• Any request for a fee before funding — see loan scams.

Questions

Is NMLS only for mortgages?

It started with mortgages, but many states also use it to license consumer lenders and other non-bank financial companies. Check your state’s record.

Do banks need a state lending license?

Banks are chartered and supervised by federal or state banking agencies; check them in FDIC BankFind instead.

Does a license mean the loan is cheap?

No. It means the company is authorized; compare APR and total cost separately.