About Predatory Lending

HOW TO SPOT A PREDATORY LENDER

Unfortunately, predatory lenders do not have horns and tails. They will seem like nice, friendly, helpful people. They are trained to gain your trust. So, how will you know one?

1)  None of your questions get answered. Or their answers don't really make sense. A good lender can explain your loan in everyday language.

2)  They pressure you to sign things before youre ready or rush you through the paperwork. A good lender won't pressure you.

3)  They don't explain or tell you about all the costs for getting a loan. A good lender will explain the costs and the services you're getting.

4)  Things change at the closing. You're not getting the loan you were promised. Walk away. A good lender will honor their commitments.

5)  They want you to borrow more money than you need. A good lender will let you decide how much money you borrow.

6)  They make you feel like you don't have other choices, as if other lenders won't give you a loan. A good lender will let you know you have options.

7)  They give you a quick yes, but it may not be the best loan for you. A good lender will take time to explore your options with you.

8)  You have a feeling something's just not right. Listen to your instincts. A good lender makes you feel informed and confident.

Don't let a predatory lender pressure you into a costly loan. If you have questions about your loan, call 866-623-1302 for free advice. As a public education campaign, we will provide you with good information and help you understand your options.

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