Chances are everybody not born with a silver spoon in their mouth will need a loan at one time or another. While borrowing money is a common occurrence, it’s important to remember that not all loans or lenders are created equal. Predatory lending is everywhere, usually targeting people who are in desperate need or down on their luck. Predatory lending by definition is any lending practice that benefits the lender to the detriment of the borrower. Often the lender convinces the borrower to accept loan terms that are unfair, or that they cannot afford through deception and coercion. Unscrupulous lenders offer loans with some version of collateral, and it could be your vehicle, the equity in your home, a check, or an automatic withdrawal payment plan, complete with an astronomical interest charge. High-interest loans make it very expensive to borrow money, and often not only do you stand to lose money but also the loan security you used to assure repayment of the loan (i.e., your car or home). So when the time comes that you need to borrow money, how will you know if you are falling victim to predatory lending? Look for these 12 warning signs before agreeing to a loan:
- The lender pressures you into applying for the loan and tries to discourage you from shopping around for other loans.
- Suggests you apply for more money than you need.
- Pressures you into accepting monthly payments you can’t afford.
- Tells you to falsify information on the loan application, for example, stating that your income is higher than it is.
- Fails to provide required loan disclosures.
- Tells you that it’s not important to read the paperwork before you sign it.
- Misrepresents the kind of credit you’re getting, like calling a one-time loan a line of credit.
- Promises one set of terms when you apply, and gives you another set of conditions to sign—with no legitimate explanation for the change.
- Tells you to sign blank forms—and says they’ll fill in the blanks later.
- Says they can’t provide copies of the documents that you’ve signed.
- They penalize you for an early payoff.
- The loan has a high-interest rate or excessive fees (or both!). While you can expect to pay higher interest rates if your credit isn’t great, a 400% APR payday loan, is excessive.
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