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Q: What is predatory lending?
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About Predatory Lending

Predatory lending is when a lender targets a certain group and markets personal loans, auto loans, or mortgages to that group that cost more. There may be higher application fees. You may have to pay more fees up front than ordinary to get a cheaper interest rate. The interest rates themselves may be outside the range of what is normally considered acceptable even for high risk loans. Your best defense against falling prey to predatory lending is to know your credit score and to shop around for the best rates and fees. Even people with bad credit can get reasonable terms on personal loans and other types of loans.

There are laws against predatory lending. If you suspect you have been a victim of predatory lending, you should report it to your state Attorney General's consumer protection office immediately. You can also contact the Federal Trade Commission (FTC), which works to prevent unfair business practices, by calling 877-FTC-HELP (877-382-4357) or visiting the FTC's Web site.


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Personal Loans Frequently Asked Questions

What is a payday loan?

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What is predatory lending?

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I thought debt was bad. Why should I build credit?

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Should I transfer my high interest debt to a lower interest credit card?

Should I consolidate my high interest debt by taking out a home equity line of credit?

What's the best way to pay off high interest credit cards?

What is a short-term personal loan?

Do traditional banks offer short-term personal loans?

What are the benefits of a short-term personal loan?

What are the drawbacks of a short-term personal loan?

What are the alternatives to a short-term loan?

What should I consider before I take a personal loan?

Should I take out a larger amount than I need at the moment?

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Are there minimum amounts I can borrow on a short-term basis?

What is a short-term bridge loan?

What is a guaranteed loan?

What is a co-signer?

Should I take a loan that requires I get a co-signer?

Should I co-sign a loan for my friend?

Are there steps I can take to protect myself as a co-signer?

Can I get my name taken off a loan after the fact?

Should I put my car up as collateral?

Should I get a guaranteed online loan?

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Why was Check 21 necessary?

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What is a late fee?

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What is a debt relief plan?

Will setting up a debt management plan affect my credit?

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Should I consider bankruptcy?

What happens if I declare bankruptcy?

Can I get credit in the future if I declare bankruptcy?

Will all my debts be wiped clean if I file bankruptcy?

Should I transfer my credit card balance?

How do I get my creditors to leave me alone?

Can I negotiate my own debt relief plan with creditors?



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