In order to protect yourself and your clients from predatory lenders, you'll want to ________.

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19-08-2022
Social Studies

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In order to protect yourself and your clients from predatory lenders, you'll want to ________.

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NehaKumari123 NehaKumari123 · Answer 1 · 2022-08-24T06:45:47+02:00

In order to protect yourself and your clients from predatory lenders, you'll want to encourage borrowers to lie about their income, expenses, or cash available for down payments in order to get a loan.

Who are predatory lenders?

Predatory lending means to the practice of imposing unjust, dishonest, or abusive loan terms on borrowers. For the benefit of the lender, these loans frequently consist of exorbitant fees and interest rates, deplete the borrower's equity, or place a creditworthy borrower in a loan with a poorer credit rating (and greater cost). A common tactic used by predatory lenders is to use pressure to close the sale while taking benefits of the borrowers' lack of understanding of how money works.
By engaging in dishonest or unaccurate behavior and a lack of transparency, predatory lenders entice, support, and assist a borrower in taking out a loan they'll not be able to repay. lend money within the knowledge that the borrower can't afford to pay it back. Charge more interest rates to borrowers based on their ethnicity or country of origin rather than their credit ability.

Know more about predatory lenders :

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