To assess the current online small-business predatory lending climate in Central Ohio. Predatory lending is defined as, "the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against."
The most common examples of small-business predatory lending include:
- Receiving a small business loan online where the agreed upon loan terms at loan origination differed from the actual terms once payments began.
- Receiving a small business loan online that contained hidden or misrepresented fees and/or costs not initially agreed upon at loan origination.
- Receiving misleading and/or not clearly defined processes (loan payment processes, collateral agreement processes, etc.) during initial loan origination that differed with actual processes once payments began.
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