Predatory Lender

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Predatory Lender

A lender who makes a loan in the hope or expectation that the borrower will default. A lender may have an incentive to commit predatory lending if he/she receives a commission for each loan made (regardless of creditworthiness), or if the lender easily can bundle and sell the mortgage to a third party, passing on the risk while still profiting. A predatory lender may be an individual or institution. Predatory lending is illegal in many jurisdictions, though the exact definition may vary from place to place.
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References in periodicals archive ?
Of course, desperate people with an urgent need for cash will often then go to loan sharks and other high-cost options, and these predatory lenders will continue to lend until forced out of business.
(21) This study revealed many variables that make servicemembers especially attractive to predatory lenders. (22) For example, individuals frequently enlist at a young age, before they have had much financial responsibility.
The matter is actively in Court, Cofek said, adding that the proposed credit guarantees, as well as a bill to protect consumers from predatory lenders, are a tokenisms.The minister said the government will work with the private sector to implement the credit guarantee scheme for SMEs.
Norris Green Credit Union chair Allan Devon said they can provide an alternative for cash-strapped people who may otherwise be pushed into the arms of predatory lenders.
It was highly suggestive in this regard that Kim pointed to the existence of "predatory lenders" and unhealthy business activities, during his inaugural ceremony Monday.
"Many of those helped through the Foundation's grants are consumers who would otherwise not be able to afford counsel in disputes with insurance companies, predatory lenders, and other businesses that--whether intentionally or not--have violated their customers' rights.
Labour's shadow education secretary Angela Rayner said: "This investigation shows that since the Tories axed grants, the most vulnerable are being targeted by predatory lenders. The next Labour government would immediately bring back maintenance grants for those who need it the most and scrap tuition fees."
"The Consumer Financial Protection Bureau was established to protect consumers from predatory lenders like World Acceptance Corporation, but under Mick Mulvaney's control the Bureau is undermining that important mission," said Karl Frisch, executive director of Allied Progress, one of those groups.
Other artists have appropriated the formal "setup" of the Sillisculpt as well, including Miranda July who created her own Sillisculpt-like slogans on pedestals intended for the public to stand on at the 2009 Venice Biennale--and Jonathan Horowitz, whose 2008 work We the People Are People Too recast the phrases on a collection of original Sillisculpts to represent various political affiliations of today (e.g., predatory lenders are people too).
Unlike Sarah, many small businesses in California are forced to turn to online predatory lenders when they have trouble accessing capital.
Providing the financial services, which include checking, savings, car loans and mortgages helps lower reliance on predatory lenders such as payday lending stores, he said.