Predatory Lending Litigation Lawyers
Predatory lending is the practice of convincing borrowers to agree to unfair and abusive loan terms. These can include arranging for loans with very high interest rates or other loan costs, inflated appraisal values and loan amounts, hidden charges and fees, and other unfair or deceptive terms or conditions that result in the consumer paying too much for a loan, losing equity in the property, or losing the property itself. Predatory industries generally target racial minorities, women, and the elderly, but anyone can become a victim of predatory lending.
This lending normally occurs with loans backed by collateral, such as a car or house, so that if the borrower defaults on payment, the unscrupulous lender can profit by selling the repossessed or foreclosed property. Other types of predatory lending include payday loans, credit cards, and overdraft loans, in which the interest rates are considered unreasonably high.
To learn more about some of our predatory lending cases, click here.