Predatory lending means inducing a customer to buy loan products at unfair and unethical loan terms. In such loans the element of transparency is missing and the customer is somehow induced to buy loan products at abnormal terms and conditions. Most of the Payday loans (which are to be paid fully or partly on the day one receives her/his pay) may be classified as Predatory lending. However, it is not uncommon to have Predatory lending in other loan products like mortgage loans, Auto loan, Personal loans.
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You shall find many signals and signs which indicate that the loan you are going to get may be a Predatory loan. Some of the classical signals are:
- High pitched solicitation
- Forcing to get refinance
- Home improvements & scams
- Over lending
- Bait & Switch
- Loan steering
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