HOW TO AVOID A PREDATORY LOAN

As a borrower, you have rights. To get the best deal, follow this advice from the Center for Responsible Lending, MSN Money, and the American Association of Retired Persons (AARP)

• Don't take the first deal offered. Shop around
• Don't sign something you don't understand. As questions and talk to a trusted friend or adviser.
• Don't fall for high-pressure sales tactics.
• Don't trust ad promising "No Credit? No Problem!"
• Don't sign blank forms that the lender promises to fill in later.
• Don't borrow more than you need.
• Don't accept payment terms that you can't meet.
• Don't agree to balloon payments. This large sum of money due at the end of a loan could cost borrowers their home if they can't meet the payment or refinance the loan (usually at an excessive cost).
• Don't purchase credit insurance with your loan. Usually this insurance is extremely profitable for the lender but provides little benefit to the borrower.
  

For more information on predatory lenders or for help in dealing with a predator lender, please contact:

The Ohio Attorney General's Office - http://www.ag.state.oh.us/
The Ohio Department of Commerce - http://www.com.state.oh.us/dfi/
AARP Consumer Affairs Division - http://aarp.org/states/oh/