February 5 - 10, 2001 has been designated National Consumer Protection Week to highlight consumer protection and education efforts around the country. The subject of this year's NCPW is abusive lending practices. Not all loans or lenders are created equal. The cost of doing business with non-traditional lenders, such as check cashing outlets, payday loan companies, rent-to-own stores, sub-prime auto lenders, pawn shops, and high cost second mortgage companies can be high – sometimes downright abusive. For example, certain home equity lenders target homeowners who have low incomes or credit problems or who are elderly – and then take advantage of them by using deceptive practices. If you borrow from an unscrupulous lender, especially one who offers you a high-cost loan based on the equity you have built up in your home, you are putting yourself in a danger zone. You could lose your home and your money. Use the information on this site to help you spot and avoid abusive lending practices.
Revised: 01/06/2003 |
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