Predatory lending imposes abusive and unfair loan terms on a borrower. This type of lending can be coercive, deceptive, and exploitative. Borrowers should be aware of any practice that persuades a person to accept unfair terms. These lending tactics take advantage of someone’s understanding when it comes to loans and their conditions. Predatory lenders regularly target people who need immediate funds for things such as medical bills, home repairs, or car payments. They also target people with credit problems and those who are unemployed.
Predatory lenders profit from borrowers seeking financial relief. It is wise to educate yourself about these types of lending practices to avoid any pitfalls or financial ruin.
If you require financial, legal advice, it is wise to consult an experienced and knowledgeable attorney. An attorney such as Janet Lawson in Ventura, CA, can help you with your financial, legal needs.
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