High Plains Community Development Corporation, Inc.
130 E. Second St. Chadron, NE 69337
Phone: 308.432.4346 or toll free 1.866.432.4346
Fax: 308.432.4655
What is predatory lending? Predatory lending can be many things:
- Selling property for more than it is worth using false appraisals.
- Encouraging borrowers to lie about income, expenses, or cash available for down payments in order to get a loan.
- Knowingly lending more money than a borrower can afford to repay.
- Charging higher interest rates to borrowers based on their race or national origin and not on their credit history.
- Charging fees for unnecessary or nonexistent products and services.
- Pressuring borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.
- The loan officer or lender intentionally puts the borrower into a loan with worse terms or higher cost than similarly qualified borrowers.
