You may have heard the term “predatory loan” before. But do you know what it means?
A predatory loan is any loan where the terms are more beneficial to the lender than the borrower. For example, they may have very high interest rates or unreasonable expectations regarding the payback schedule. And even though there are a variety of protections in place to make certain types of loans illegal, predatory loans are still prevalent.
USNews recently put out a list of warning signs that you are dealing with a predatory loan. First on the list, the offer sounds too good to be true. There is no such thing as free money, so make sure you read the fine print.
Read the full article for the rest of these warning signs.