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Whenever a lender seeks to take advantage of a borrower and tie them into unfair or unmanageable loan terms, it can be considered predatory lending. Telling signs that you are a victim include aggressive solicitations, excessive borrowing costs, high prepayment penalties, big balloon payments, and being encouraged to consistently flip loans.

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Efforts to combat predatory lending have been going on almost as long as people have borrowed money, beginning centuries ago when various religions condemned the practice of usury—charging unreasonably high-interest rates. Some of the most common predatory lending practices today are subprime mortgages, payday loans, and car title loans.

Subprime Mortgages

Subprime mortgages, which are offered to borrowers with weak or subprime credit ratings, aren't always considered predatory.1 The higher interest rate is seen as compensation for subprime lenders, who are taking on more risk by lending to borrowers with a poor credit history.

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Predatory lender laws are aimed at protecting borrowers from loan sharks and other predatory lenders. These laws cap interest rates, ban discriminatory practices, and even outlaw some types of lending. While Congress has passed some federal credit laws, many states have taken the initiative to rein in predatory lending. With the rules and credit products constantly evolving, it’s important to familiarize yourself with the latest practices and regulations.