Abusive or "predatory" lenders target people who are strapped for cash. But the loans they push usually have sky-high interest rates and fees. They're often illegal, too. You need to know how to tell a "good" loan from a bad one. Otherwise, you could end up paying too much, hurting your credit rating—and even losing your home. Ask yourself:
Do I feel pressured?
Have I shopped around for the best deal?
Is it too good to be true?
Can I trust the lender?
Do I understand the loan terms?
Report Abusive Lenders
If you have been a victim of lending abuse, let others know! Your complaint could save others from being victims, too. Call your local office of consumer affairs or your state Attorney General's office—they're listed in the Government section of the phone book.
Report your experience to the Federal Trade Commission. It watches out for predatory lending scams and frauds.
You are leaving the Amboy Bank Website