answersLogoWhite

0

Is your loan a predatory loan?

Updated: 9/24/2023
User Avatar

Wiki User

9y ago

Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Is your loan a predatory loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

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 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.


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 do you get a bank loan for the unemployed?

It's difficult for an unemployed person to get a bank loan with today's economy. If a loan officer sees that a person does not have a steady source of income, he will be very inclined to not give you a loan. Some predatory lenders may give you a loan, but they will charge outrageous interest rates.


How do you know if you are a victim of predatory lending?

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.

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 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.


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.


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.


How do you get a bank loan for the unemployed?

It's difficult for an unemployed person to get a bank loan with today's economy. If a loan officer sees that a person does not have a steady source of income, he will be very inclined to not give you a loan. Some predatory lenders may give you a loan, but they will charge outrageous interest rates.


How do you know if you are a victim of predatory lending?

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.


What is meant by negative amortization?

A predatory subprime mortgage lending practice that occurs when monthly payments do not cover the interest due on the loan. The unpaid interest is then added to the mortgage balance causing the overall amount of the loan to increase.


Is a starfish antagonistic or predatory?

predatory


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 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.