Predatory lenders promise loans that are "too good to be true" and pressure borrowers to take them on the spot. Here's a few things you or your family and friends should know about spotting and avoid predatory loans:
How to Spot a Predatory Loan
High interest rates.
Monthly payments you can't afford.
Penalties for early pay-off of the loan.
Unauthorized refinancing of your loan
How to Avoid a Predatory Loan
Always shop around.
If you don't understand the loan terms, talk to someone you trust to look at the documents for you.
Don't trust ads promising "No Credit? No Problem!"
Ignore high-pressure sales tactics.
Don't take the first loan you are offered.
Remember that a low monthly payment isn't always a 'deal.' Look at the TOTAL cost of the loan.
Be wary of promises to refinance the loan to a better rate in the future.
Never sign a blank document or anything the lender promised to fill in later.
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