如何 避免掠夺性贷款行为

If you’re in the market for a loan, you are probably aware that some products are better than others. 然而, 有些贷款的条款很差, 费用, and interest rates that they are considered predatory.

是什么 掠夺性贷款?

Predatory lending is pushing unreasonably expensive purchase loans or refinancing. You can avoid 掠夺性贷款 by knowing which loans fall into this category, and by taking steps to qualify for a higher quality product. If you ever have questions about a loan – whether it’s one of ours or someone else’s – 拜访分支机构 和我们谈谈. 你也可以在线聊天 平衡 – consultations with them are free for Patelco members.

掠夺性贷款行为和 红旗

There’s some common 红旗 for 掠夺性贷款. 注意那些贷款人:

• Persuade you to borrow more than you can afford to repay
• Don’t give you enough time to review the contract
• Give you a reasonable interest rate but with the astronomical 费用 and charges
• Lie or neglect to tell you about the terms of the contract
• Falsify documents or ask you to lie on the application
• Talk you into a loan with an interest rate higher than you qualify for based on your credit score (if your credit score qualifies you for a loan at 4.50%, be suspicious of a lender trying to sell you a loan at 6.25%)

避免的小贴士 掠夺性贷款

A primary defense against 掠夺性贷款 is to become an informed consumer. 仔细阅读所有合同, paying close attention to interest rates and what can happen if you miss or are late on a payment. Look out for misleading marketing and high-pressure sales techniques too. Though these loans may be advertised as a way out of financial trouble, getting them often leads to higher and more expensive debt.

It is very important to know your financial limits, especially with 抵押贷款. You may not only lose a lot of money, but also your home if you fall behind on your payments. Never let someone talk you into taking out more than you can comfortably handle.

Building a positive credit history is also key. You can do this by paying all your debt obligations on time, reducing balances on credit cards and personal loans, not closing accounts that you have had for a long time, 避免过多的信贷申请, and having a mix of credit accounts (such as credit cards, 签帐卡, 和分期贷款). Once you’ve proven you can borrow responsibly, you increase your chances of being eligible for loans with low interest rates and excellent terms.

其他类型的掠夺性贷款

There are other types of 掠夺性贷款 as well, and they are promoted to people with no or damaged credit who need money for emergencies. These loans come with exceptionally high interest rates and can feature terms that make repayment difficult:

• 发薪日贷款 – A payday lender allows you to borrow against your future income. You give them a postdated check for the amount borrowed plus 费用, which is deposited if you do not pay back the loan. The APR (interest expressed as an annual percent rate) is usually well over 300 percent and can go much higher if you refinance the loan instead of paying it off as soon as it comes due. 拥有一个 应急基金  can help protect you from needing a payday loan.
• 当铺贷款 – You are given a short-term loan in exchange for leaving a personal item, 比如珠宝或电子设备, 作为抵押品. If you pay back the loan, including interest, on time, you get the item back. You may be able to renew the loan by paying the interest. 然而, if you fail to repay or renew the loan, your item can be sold. The APRs for pawn shop loans are typically around 120-240 percent, much higher than the rate charged on credit cards. Many pawn shops also charge additional 费用 for insurance and storage.
• 汽车产权贷款 – Your vehicle secures this short-term loan, 所以如果你没有付款, the lender can claim it without having to sue you. While you typically have the option to roll the loan over, the interest rate is often 25 percent per month, which equals an annual rate of 300 percent. 拥有一个 应急基金 can help protect you from needing a car title loan – and from losing your car.

What to do if you suspect 掠夺性贷款
If you believe that a lender unlawfully changed the contract, 误导你, 增加了你不同意的产品, or persuaded you to accept a loan that had worse terms than you qualified for, you can contact your state’s attorney general’s office as well as the Consumer Financial Protection Bureau at consumerfinance.政府 or 855.411.2372.

Source: Broadridge Financial Solutions, accessed July 31, 2019.