Some financial service providers engage in predatory practices that result in unfair, high-cost loans. Predatory lending typically targets low-income communities.
Ideas for Action
1. Explore loan options carefully.
Staff can support families in learning about the loan options available to them. Staff can provide information and tools for comparing loan options.
Resources for Families
- Payday Loans Explained (video)
2. Learn about signs of predatory practices.
Staff can help families learn about and recognize signs of predatory lending practices.
Resources for Families
- Spotting Red Flags (worksheet)
3. Report instances of predatory lending.
Staff can support families in submitting a complaint about a financial product or service to the Consumer Financial Protection Bureau.
Resources for Families
- Submitting a Complaint (how-to guide)
Learn More with These Resources
- Predatory Lending (article)
- Payday Loans (resource collection)
