How to Spot Predatory Lending Practices
Predatory lending practices usually involve unfair, deceptive, and sometimes abusive loan terms on the borrowers. One characteristic of predatory lending practice is that these loans will have high fees and interest rates, strip the borrower of their equity and in many cases, place a creditworthy borrower in a lower credit-rated loan– which is usually very expensive. To sell these harmful loans, the lender applies very forceful, tactical, and aggressive sales strategies to take advantage of […]