Best Answer

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.

User Avatar

Wiki User

โˆ™ 2008-10-31 08:12:35
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How do you know if you are a victim of predatory lending?
Write your answer...
Related questions

Can a equity loan get audited for predatory lender?

If you feel you are a victim of predatory lending then by all means it should get audited

What a person who can afford a monthly payment of __________ and signed a mortgage with a monthly payment of __________ was most likely the victim of predatory lending.?

$900; $1000

What is predatory lending practices?

The link below has the definition.

Has Drive Financial been accused of predatory lending?

yes it has been accused

Can I get a payday loan if my SSI payments are direct deposited?

Check with your lender. But in general - yes. Be aware of predatory lenders and predatory lending practices.

How can the word victim be used in a sentence?

Predatory criminals seem to view everyone around them as their next victim.

How do moose choose their victim?

Moose are not carnivores, nor predatory animals. They are herbivorous prey-animals, thus they do not "choose their victim."

Is there a place on the internet where I can print out information on the dangers of payday loans?

Payday loans come under the heading of "predatory lending." There are interesting articles at AND You can go to . The article advices on the dangers of payday loans.

What is the meaning of predatory lending?

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.

Who is David Scoll?

Former Philadelphia, PA bankruptcy law judge specializing in bankruptcy related to predatory lending violations.

Was citifinancial mortgage company ever accused of predatory lending?

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%....

What is predatory?

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.

What word is well suited for a lender who is very harassing toward the borrower?


What are predatory crimes?

A (usually) violent crime with a human victim, such as robbery or rape; contrasted with "victimless" crime, such as drug use or prostitution

Is a starfish antagonistic or predatory?


What do consumer advocates do on behalf of consumers?

Consumer advocates help to educate consumers about their rights to prevent corporate abuses like predatory lending, misleading advertising, or other dangerous corporate practices.

What does predatory lending mean exactly?

When a lender uses actions to entice a borrower to take out a mortgage that has very high interest rates, fees, or puts the lender at more of an advantage than the borrower.

What is the superlative form of predatory?

most predatory

Is a dolphin prey or predatory?

it is a prey and also a predatory YES A DOLPHIN IS A PREY AND ALSO A PREDATORY

Who is predatory in Predatory Women?

In Predatory Women, character Jackie is presumed as the predatory woman. Jackie Duncan was a reporter for a tabloid company called Stellar.

What predatory bird leaves only the head of its prey behind?

A vulture will eat the head.predatory birdsa vultureThe question is what predatory bird leaves ONLY the head. Since a vulture (not really a predatory bird in the taxonomy sense) eats the head, then this does not answer the question. I know of birds of prey that eat ONLY the head when food is in good supply but know of NO bird that eats everything BUT the head unless it is full by the time he gets to it.

What grants are available in the state of Alabama for home repair?

The grants available in the state of Alabama for home repair include HUD, Predatory lending, Community Development Block Grant (CDBG), and much more.

Can you avoid parole evidence rule and statute of frauds in asserting false statements by broker which induced you to enter loan agreement Bank claims payment double the amount promised by broker?

Your question implies that you have been a victim of a predatory lender and fraudulant lending practices. You should seek the advice of an attorney or the attorney general's office in your state. There may be a local agency where you can get advice on how to proceed.

What do you know about traditional vampires?

Vampires, before the hype, were simply an ancient predatory species.

What is a sentence using predatory?

Doin' your mom! Predatory.