How do I determine if I am a victim of predatory lending practices?
If you think you may be a victim of predatory lending practices in the state of Maryland, there are a few steps you can take to determine if this is the case. First, you should review your loan agreement or contract to see if it contains any of the following features which are considered to be predatory: high interest rates, excessive fees and charges, hidden fees, balloon payments, and loan-flipping. These are all signs that the lender may have taken advantage of your financial situation and violated consumer protection laws. Second, you should consider whether the lender was aware of or ignored your inability to pay back the loan. For example, did the lender try to persuade you to agree to terms that were beyond your means? Predatory lenders often target people with poor credit who are unable to access other forms of credit. Finally, you should review how the lender promoted their services. Did they make false or deceptive statements or use inflated figures to convince you to sign the loan? If so, they may have engaged in deceptive and unfair practices. If you think you may have been a victim of predatory lending practices in Maryland, contact your local Consumer Protection office or the Attorney General’s office to discuss your options. Under Maryland state law, victims of predatory lending can seek compensation for damages incurred, including the return of all payments made and any attorney’s fees.
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