Unfair, deceptive, and fraudulent lending practices are surprisingly common.
They’re often used to entice those most in need. Three tips to help you protect yourself:
- Never Sign Something You Don’t Understand
Financial contracts can be complicated. Before you sign one, make sure you understand what you’re getting into, what it will cost you, and how it works. If you can’t understand it or you’re not getting clear answers, beware! - Beware of Urgent and Insistent Offers
These can be a warning sign that everything is not as it should be. And whenyou’repressured or rushed, you’re more likely to make a bad decision. Slow down and take your time before taking on new debt or making other major financial decisions. - Listen to Your Instincts
If something sounds too good to be true, it probably is. If something sounds sketchy, it may well be. At a minimum, do some additional investigation.