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Predatory Lending

Predatory lending is when lending companies initiate a loan with a consumer where there are unfair, deceptive, or fraudulent terms and/or conditions to the loan.  Typically, predatory lenders will look to give out small loans with high interest rates, or charge unexpected fees to unsuspecting consumers, which results in overburdening the consumer and causing her to owe multiples of what she originally borrowed.  When this happens, the consumer, who was already overwhelmed with debt, is unable to make payments, and is now subjected to negative credit reporting and aggressive debt collection techniques.   And, to make matters worse, sometimes predatory lenders will resort to unfair debt collection practices, such as harassing or bullying the consumer into paying off the loan.  If you have been taken advantage of by a predatory lender, please give us a call today.