by Nikitra S. Bailey
Merely a years that are few, the scarcity of credit had been a issue for ladies, low-income People in america, and borrowers in communities of color. Today, as a result of improvements in technology and alterations in the market, numerous in these exact same populations are bombarded with provides from subprime lenders, check always cashers, payday loan providers, along with other fringe bankers. Credit in the us is now more widely accessible than in the past. Yet this expansion happens to be combined with a rise that is sharp predatory lending, which undermines the commercial advantages of house ownership and helps perpetuate the widening wide range space between whites and folks of color.
Predatory lending does occur whenever loan providers enforce exorbitant or unneeded costs or guide borrowers into high priced loans if they could be eligible for more affordable credit. (more…)