Predatory lending: What this is?
Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn’t need, doesn’t want or can’t afford.
We write on the topic of loan scams often and we always get a lot of responses from victims of these scams. People often ask, “Who do I report this to?” and unfortunately there is no straightforward or clear answer.
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