Predatory Lender Quiz

Predatory Lenders

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You're actually the perfect prey for predatory lenders.

If you don't have a credit score, you're more likely to need the service of a payday loan store or other predatory lender if you're short on cash or have an emergency. In 2015, the CFPB said that 45 million Americans didn't have a credit score, while another 19 million had out of date and unscoreable credit files.

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Every single one of those is a predatory lender.

Services like check cashing stores, payday loans, title loans, and personal loan stores all take advantage of you by charging high fees and interest rates in the hundreds of percents. Buy here-pay here car dealers sell you a subpar vehicle you can't afford, and even getting vehicle financing from a standard car dealership can be a predatory situation. Also, rent-to-own goods like furniture and electronics are the same thing but 300% more expensive, because you're making installment payments that don't build credit. Also, don't forget about those online stores offering installment payments for anything and everything!

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Predatory lenders are everywhere.

You probably pass by a couple different predatory lenders each day. They're located in standalone stores and in shopping plazas, as well as online disguised as retailers offering "convenient payment options" and installment plans, charging you hundreds of dollars more. They should be avoided at all costs, before they devour your bank account whole!

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