What exactly is predatory financing?

What exactly is predatory financing?

Just like it appears, the definition of predatory financing describes specific practices that are lending victim on those who find themselves susceptible because of inadequate choices or deficiencies in monetary knowledge required to comprehend the frequently complex terms of the mortgage. This does not always mean that people whom fall victim to predatory lenders are unsophisticated. Numerous borrowers understand just what they??™re getting into, but think they’ve hardly any other choices. Other people are simply just defrauded or misled.

While predatory financing techniques generally target underbanked minority communities, that is not at all times the scenario. Also minority Continue reading