Here’s A Tale To Warn You Of Shady Lenders

Maria Rivera took a home equity loan of $10,000 to pay for home improvement costs. She was lured into taking the loan by ads that promised affordable loans for home improvement projects. Now, seven years after a contractor tore up her house without making the promised repairs, Maria is paying $122 every month for her home-equity loan and still has three years of payment left. And instead of a new bathroom, she was left with ruined carpets and a damaged support beam.

There are many such shady lenders spread across the country. They defraud customers out of hundreds of thousand of dollars by promising them easy, low-cost loans. Firstly, don’t ever take a loan against your home’s equity unless you really need it. And secondly, always take a loan from a reputable organization that has more than a few years of business behind it.