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What are signs of bad lending practices?

Setting out on a new business venture in Georgia means facing new hurdles. For example, there are plenty of lending practices out there that are waiting to prey on you rather than help you. We at Kaufman & Foreman, P.C., wish to help you identify signs of these bad lending practices before they can do you harm.

There are some signs that should warn you of foul play the moment you see them. If you feel like you are rushed into a deal, that’s already bad news. A lending practice worth its salt will give you all the time you need to make your decision and compare your options. Listen to your gut if you think you’re being pressured into a snap decision. Be wary if you fall into certain demographics as well, such as veterans, senior citizens or disabled people. Predatory lenders will often aim for these groups.

Pay attention to the financial side of things. For example, high rates, early penalties for repayment and big fees are all bad signs. Don’t be tricked by refinancing options that are offered later down the line either. If a loan is a bad deal and the loaner offers you the chance to refinance later, that’s a good indication that you should be taking your business elsewhere.

For more thorough information, you can visit our web page on business litigation issues. This also includes extra information on predatory lending practices and how to handle them if you get caught up in any of their schemes.

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Kaufman & Forman, P.C.
8215 Roswell Road
Building 800
Atlanta, GA 30350

Toll Free: 800-461-5864
Phone: 678-957-7769
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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.