What you should know to avoid predatory lenders

Presented by Rita Miele. Helping Seniors Improve Their Lives
Presented by Rita Miele. Helping Seniors Improve Their Lives

Watch out for offers of Bargain Loans. If it is too good to be true, it probably is.

Shop around for money for repairs, medical expenses or bill consolidations. Compare rates and costs. Ask for a Truth in Lending disclosure.

Call the Better Business Bureau, the Dept of Consumer Protection or the Banking Commission to see if there have been complaints about the company with whom you are planning to work.

Never make an immediate decision.

Ask questions to know exactly what the lender is offering in length of terms and total costs. Ask for a Good Faith Estimate and a Truth in Lending statement.

Shop locally or at least with a company that has an actual representative residing in your state/area and can meet face to face with you.

Read carefully before you sign. All documents must be COMPLETELY filled in with NO blank spaces.

Avoid Balloon payments.

Know you can change your mind as a homeowners for 3 days after signing for a mortgage loan. This is called the right of decision period.

Get help if you are victimized. Contact the Dept. of Consumer Protection, the Banking Commission, the State Attorney General and the Federal Trade Commission so others know and these predators can be stopped. This applies to all types of loans.

The Most Common Types of Predatory Lenders are Pay Day Loans (Cash Advance and Quick Cash) and Car Title Loans

Researched by Rita Miele. 1 Windsor Cove, Suite 210, Columbia, South Carolina.
For questions, please call: 803.629.2681