There is the occasional unscrupulous loan officer who misrepresents his or her product to make a buck. He or she may try to sell you something you don't understand, such as a product with a great introductory rate ("teaser rate") that later skyrockets into a massive liability. He or she may offer you what seems to be a competetive loan rate, which suddenly doubles once you add fees and administrative costs and his or her commission. This is predatory lending. You are a victim of predatory lending if you could not (or did not) understand what you were agreeing to, and a loan officer took advantage of that. There are legal recourses for this, including the loan officer losing his or her license to sell financial products. You are NOT a victim of predatory lending because you pay a high interest rate, you decide now that you can't handle the debt you took on, or you saw an ad on TV by a sleazy trial lawyer promising to make you a "victim" in a big lawsuit.
If you feel you are a victim of predatory lending then by all means it should get audited
The link below has the definition.
yes it has been accused
Check with your lender. But in general - yes. Be aware of predatory lenders and predatory lending practices.
Predatory criminals seem to view everyone around them as their next victim.
Moose are not carnivores, nor predatory animals. They are herbivorous prey-animals, thus they do not "choose their victim."
Payday loans come under the heading of "predatory lending." There are interesting articles at http://www.texpirg.org/financial-privacy-security/predatory-lending AND www.responsiblelending.org/consumers/ You can go to . The article advices on the dangers of payday loans.
Former Philadelphia, PA bankruptcy law judge specializing in bankruptcy related to predatory lending violations.
Predatory leading is the unfair, deceptive or fraudulent of some lenders during the loan origination process. Typically occurs on loans backed by some kind of collateral, such as a car or house.
Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%.... Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%....
Predatory lending is when a real estate agent convinces a borrower that they should obtain a loan. The loan usually has unfair and fluctuating rates and they prey on the borrowers need and desperation even if the borrower does not have the means to repay the loan.