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How To Avoid Predatory Lenders

Updated on March 8, 2010

How To Avoid Predatory Lenders

This hubpage will pertain to how to avoid predatory lenders. This applies to places throughout the United States, or maybe the world itself that prey upon the less fortunate. These places are known as quick loans, payday loans, title loans, etc….

Do not even think about applying for these loans. The loans may sound appealing, where you can obtain anywhere from $200 dollars to a $1,000.00. These places will tell you that, all you will need is a checking account. Which is very true, but they do not explain to you what will happen, by these places having access to your checking account.

First of all these places will charge you over 300%, for repayment of the loan itself. If you cannot repay the loan, your checking account will be assessed overdraft charges, in other words you will be bouncing checks. Once you have accumulated so many bounced checks, or failure to repay the loan will cause the person to be charged with check forgery, and a warrant will be issued for your arrest. Every state has a certain amount a person must exceed, pertinent to being accused of check forgery or writing hot or bounced checks.

There is nothing positive that can be gained by a person applying or accepting monies for these loans. You will see advertisements where these places, offer no credit check, costs nothing to apply, and all you will need is an active checking account…

Title Loans are also very dangerous. Do not take a Title Loan out on your automobile. Because, if you miss, one payment, your automobile will be re-possessed, or if the Title Loan Company cannot locate the automobile, they will report it stolen, and issue a warrant for your arrest. 

Also, be very careful and beware of companies that promise that they can repair your credit. Do not provide the company offering credit repair services. Be very vigilant, when deciding whether or not you should be using these credit repair companies, most are scam companies.

You Have Been Warned and Informed!!

Also, avoid predatory mortgage lenders. Do NOT use any mortgage lenders that do not seem trustworthy. If you suspect that the mortgage lender is not trustworthy, call the Better Business Bureau (BBB). Never sign anything with a predatory lender, especially documents that do not clearly state, what your interest rate will be for your mortgage loan, and how much you will owe, during the maturity of your loan.

There are a lot of con artists in the world, do not succumb to them, know what you getting into, before you sign anything, and do not agree to sign anything, where it pertains to damaging your credit and your finances.

NEVER give anybody over the phone your social security number or Banking information, unless you know for a fact who you are dealing with over the phone. Use common sense, and sensible discernment, when it comes to safeguarding your personal information.

Always safeguard and protect your most private possessions, and one of those is your personal information, such as your Social Security Number, and your financial information, which will be banking, investments, etc…

You Have Been Warned and Informed!!

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