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SNI HOMEOWNERSHIP VIRTUAL WORKSHOP June 2, 2020, at 6PMWorkshop slides are available at www.okc.gov/sni. Please put your device on mute until the Q & A. Feel free to use the chat box if you have a
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01
Gather all the necessary documents such as loan agreements, financial statements, and proof of income.
02
Review the loan terms and conditions to understand the interest rates, fees, and repayment terms.
03
Evaluate your ability to repay the loan by analyzing your income, expenses, and financial stability.
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Identify any red flags or warning signs of predatory lending practices, such as excessively high interest rates or hidden fees.
05
Seek legal advice or consult with a trusted financial advisor to understand your rights and options.
06
Report any suspected predatory lending practices to the appropriate regulatory authorities.
07
Consider alternative borrowing options or explore non-profit credit counseling services for financial assistance.

Who needs predatory lending practices?

01
No one needs predatory lending practices as they are unethical and exploitative. Predatory lending targets vulnerable individuals with deceptive and unfair loan terms, trapping them in a cycle of debt and financial instability.
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Predatory lending practices refer to unethical and often illegal lending strategies that impose unfair or abusive loan terms on borrowers, typically targeting vulnerable populations.
Lenders and financial institutions that offer high-cost loans or loans with predatory terms are typically required to report their lending practices.
To fill out reports on predatory lending practices, lenders must gather and provide detailed information regarding the loan terms, borrower demographics, and any relevant fees or charges.
The purpose of addressing predatory lending practices is to protect consumers from exploitative lending, promote fair lending practices, and ensure transparency in the loan process.
Information that must be reported includes loan amounts, interest rates, borrower demographics, and any fees or charges associated with the loans.
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