Unfortunately, there is no set legal definition of predatory lending. However, it can generally be seen as a lender taking advantage of a borrower through excessive interest rates or other means.
Generally, the loan will have collateral against it so that the lender can repossess it in the event of the borrower defaulting. This type of lending is harmful to the borrower and is illegal. If you would like to know more about the subject, click here.
If you have been a victim of predatory lending, contact the Austin personal injury attorneys of The Law Offices of Vic Feazell, PC at 877-948-4842.
