HOW TO GET OUT OF A PREDATORY LOAN

1. Research brokers and shop around for offers. A technique predatory lenders use is to offer you loans that are more expensive than you would otherwise qualify for.

2. Demand adequate disclosures. Legitimate lenders should fully disclose the true costs of a loan.

3. Avoid “loan flipping.” Loan flipping refers to frequently refinancing a loan. However, the borrower rarely benefits from all of the refinancing—which instead generates fees for the lender.

4. Avoid loans that can’t be paid off. Predatory lenders might structure the loan in such a way that it’s nearly impossible for you to pay it off, like only charging interest payments, which means you’ll never pay down the principal.

5. Run from balloon payments. Balloon payments are often used to hide the true cost of financing.

6. Remain wary if a lender is unconcerned about your finances. Predatory lenders often lend based on the equity you have in your home—and not on your ability to repay the loan.


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