Typical Lines Used by Unscrupulous Lenders

Marina's Dictionary of Predatory Lender Lingo

Remember what Grandma said: If it sounds too good to be true, it probably is!!!
But most people can't resist a bargain.

Here are translations of some of the most commonly-heard "lines" from unscrupulous lenders:

When they say: Bad Credit? No Problem!
It means: We can make a TON of money off you... sucker!

When they say: No Hassle, Instant approval!
It means: We can rip you off immediately!

When they say: Rates are going up, so act fast!
It means: I want your commission before you change your mind.

When they say: Payments you can afford!
It means: The payments don't include all the costs - like property taxes and insurance.

When they say: I helped your friend and I can help you, too!
It means: I figured that uninformed borrowers hang out together and you are a hot lead!

When they say: Yeah, the rate is a little high, but we can get you refinanced in a year after you've made payments on this.
It means: I can make money off you next year, too!

When they say: The origination fee & points are because your credit is so bad.
It means: They're high 'cause I've suckered you into believing his is all you can get.

When they say: Don't worry about all that paperwork. Just sign here and I'll take care of the rest.
It means: Watch out! I'm about to falsify some information to get your loan through quickly. When you have a problem with the loan, you are legally responsible for what you signed, not me!

Top 3 things you will NEVER hear from a predatory lender:
3. Lowest prices guaranteed or your money back!
2. I got this very same loan for my mother.
1. After they foreclose, you can move in with me.



To the tune of "Home on the Range":

Oh give me a home
With no predatory loan
Where the kids and the grownups can play
Where never is heard
The Foreclosure word
And our assets are building each day...

Home, home in the 'hood
Where the neighbors are here to stay
Because we've all learned
It's easy to get burned
By the crooks who want our equity