This month, I decided to try something a little different with the One Minute Money Show. Instead of talking on camera, I decided to test my animation skills. This month covers a topic that you probably don't come across on a regular basis...
Predatory lending. But in case you ever do, here's what you need to know!
The sad news is that predatory lenders often go after vulnerable borrowers - people who are in need of money, people who have a poor credit score, the elderly, and minority families. Predatory lenders know how to persuade, especially when you're in a tight spot for money.
But behind the "good deals" are often super high interest rates, hidden fees, and other sketchy things that the lender doesn't tell you (obviously, they want you to take out a loan!). If a lender seems pushy, deceptive, or untrustworthy, those are all valid reasons to walk out.
Now, I'd love to hear from you!
What are your thoughts on predatory lending? Have you ever had an experience with an offer that seemed weird? Share in the comments!