How do I determine if I am a victim of predatory lending practices?
If you think you might be a victim of predatory lending practices in New York, there are several steps you can take to determine this. First, review your loan documents and consider if any of the terms seem unfair or unclear. If so, look for any language in the document that allowed the lender to change the original terms, or if any of the terms are not fully explained. Also, be aware of any late fees or other penalties that may be excessive and compare them to other lenders’ fees. Ask the lender for an explanation if you think the fees are excessive or irresponsible. Be aware if the loan is adjustable-rate, as this type of loan can be more expensive due to the interest rate that can change. If the loan is an adjustable-rate, ask the lender to explain the terms and conditions of the loan, and if there are any fees associated with a rate change. Additionally, if the loan has a balloon payment, make sure you understand the terms and conditions of the loan and that you have the ability to pay the balloon payment. If you are still unsure or feel that the loan is predatory, you can contact the New York Department of Financial Services consumer help line at 1-800-342-3736. They can provide information to help you protect yourself from deceptive lenders and fraudulent loan practices.
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