PredatoryLenders

Predatory Lending: The practice of giving out a loan without making sure that the borrower completely understands the terms of the loans and can make uninformed decisions. This would include hidden fees, late payments, and to lure the borrower by having high interest rates. Predatory lending often uses some kind of collateral so that if the borrower is missing a payment or has not made a scheduled payment they can take the item used as collateral and profit off of this by selling said items. Usually gives out loans to people with bad or no credit.