The interest rate is not the only important term of a loan! If you are considering a loan with a variable interest rate, make sure you understand what conditions will affect a change in your rate, and the amount by which your rate may fluctuate. Watch out for "hidden" terms, such as prepayment penalties and balloon payments. Make sure you can ...
If you do not already have an FSA ID, you can create one when logging into the NSLDS system at www.nslds.ed.gov or StudentLoans.gov . You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID, TDD 1-800-730-8913. There is no central database similar to NSLDS for private student loan information.
· Read and understand the terms and conditions of the loan. Check the payback dates and find out if you can make partial payments or if the loan must be paid off in one payment. Make sure you understand all costs, including interest rates. Be especially aware of any extension fees if you are unable to repay the loan within the original time period.
Confirm the lender’s authorization to provide loans in Arizona. If you believe you’ve been the victim of consumer fraud, you may file a complaint with the Arizona Attorney General’s Office. …
You can file a consumer complaint with the Office of the Attorney General online at https://www.in.gov/attorneygeneral/consumer-protection-division/consumer-complaint/ or by filling out a printable form. You can also request a complaint form by calling 1.800. 382.5516 or 317.232. 6330.
Call the Louisiana Attorney General at 225-326-6465 or contact www.ag.state.la.us.
If you suspect a business is price gouging or have encountered scam contractors, call the Texas Attorney General's Consumer Protection Hotline at 1-800-621-0508 or email [email protected].
If you spot price gouging or experience unfair or unlawful business practices, please file a complaint online or call our Consumer Protection Hotline at 1-800-621-0508.
Submit a claim in one of the following ways:Telephone: (225)342-6969.By Mail: Office of the Governor. Louisiana Commission on Human Rights. P.O. Box 94094. Baton Rouge, LA 70804.In Person: 1001 N. 23rd Street. Baton Rouge, LA 70802.Online: Click here.
The Complaint Form can be completed online and sent electronically. It can also be printed for mailing or faxing. Complaints may also be filed by calling the Fraud and Abuse Hotline at 1-866-801-2549. The Office of State Inspector General is located at 602 North Fifth Street, Sixth Floor, Baton Rouge, LA 70801.
Complaints must be in writing and can be lodged directly on the ICASA website or a complaints form can be completed and emailed to [email protected] or faxed to 012 568 3444.
Text your complaint, pictures and receipts to 346-352-7459.
Demanding an exorbitant or excessive price in connection with the sale or lease of fuel, food, medicine, lodging, building materials, construction tools, or another necessity.
While the BBB cannot force a company to do anything, the BBB does offer consumers valuable insight into companies and may be able to resolve issues through arbitration.
File a complaint with your local consumer protection office or the state agency that regulates the company. Notify the Better Business Bureau (BBB) in your area about your problem. The BBB tries to resolve your complaints against companies.
A dissatisfied consumer can file a complaint directly with the national commission or appeal against decisions of the state commission within a month from the date of the order. The court fee is Rs 5,000 and the demand draft should be in the name of The Registrar, National Consumer Disputes Redressal Commission.
To find out if a loan is a federal or private loan, log into the National Student Loan Data System (“ NSLDS ”). That system lists all of your federal loans. If you hold a loan that is not listed on NSLDS, that loan is a private loan.
Federal loan borrowers have the right to choose among several different repayment plans.
You will need an FSA ID to access NSLDS. An FSA ID is the user name and password you use on federal aid websites. If you do not already have an FSA ID, you can create one when logging into the NSLDS system at www.nslds.ed.gov or StudentLoans.gov . You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID, TDD 1-800-730-8913.
There are two categories of student loans – federal student loans and private student loans. Your rights and responsibilities are different depending on whether your loan is federal or private. For example, income-based repayment plans are only available for federal loans. To find out if a loan is a federal or private loan, ...
Deferment is a postponement of payment on a loan. You may qualify for deferment for federal loans if you are: - enrolled in an eligible postsecondary school; - unemployed or facing economic hardship; - receiving public assistance; - active in the Peace Corps; or.
E. Loan Consolidation . If you have more than one federal student loan, you can combine your loans into one new loan with one monthly payment. This is called loan consolidation . There are pros and cons to consolidation: One benefit is convenience – you will make one payment each month instead of several.
If you consolidate variable rate loans, and interest rates drop in the future, you will have locked into a higher rate, and you will pay more interest. However, if interest rates rise in the future, and you have locked in at a lower rate, you will pay less interest.
Common loan and financing issues consist of excessive and disguised fees, inflated rates, undisclosed terms, and other terms that may result in consumers being unable to make their loan payments on time. And although Arizona maintains certain consumer protections, consumers should always be diligent when working with a lender.
The lender who originated the loan cannot promise a better rate in the future because they cannot accurately predict these variables. Never sign a blank document or anything the lender promises to fill in later. If a consumer signs a blank document, fraudulent lenders could change any term they previously promised.
If a consumer signs a blank document, fraudulent lenders could change any term they previously promised. If a lender claims that an offer is good for a limited time, investigate and compare this offer to other lenders. If in doubt, do not sign.
If you believe you’ve been the victim of consumer fraud, you may file a complaint with the Arizona Attorney General’s Office.
Never sign a document without knowing the complete terms of the obligation. Be aware of the TOTAL payment amount over the life of the loan. Although the monthly payment amount may be low, the extra fees increase the total cost of the loan. Borrowing more than is affordable per month is never a good financial decision.
Report problems with your bank, financial institution, lender, or broker. There are tips to help you file a complaint:
If you have a complaint against a mortgage company, try to resolve it with the company first. Several government agencies accept complaints about mortgage lenders. In some cases, you should file your complaint with more than one agency, especially at the federal and state level.
Ask a real person any government-related question for free. They'll get you the answer or let you know where to find it.
Lenders argue that they need to charge high rates to account for the risk they take when making these loans to borrowers with limited credit histories or bad credit. To borrowers, of course, it’s all the same whether it’s called interest or fees, and whether it’s defined as usury or not.
New York Attorney General Eric T. Schneiderman, for example, recently cracked down on several out-of-state lenders who allegedly violated New York’s usury law by charging residents interest rates ranging from 89% to more than 355%.
Not to mention the fact that many states have repealed usury laws or raised interest rate limits for lenders within their borders. In addition, 38 states have laws allowing small short-term loans, known as payday loans, according to the National Conference on State Legislatures. Some cap rates, but others don’t.
The morality of high interest rates has been in the news recently, with Pope Francis condemning the practice as a “scourge.” During a weekly general audience, the Pope said, “When a family has nothing to eat, because it has to make payments to usurers, this is not Christian, it is not human!”
To borrowers, of course, it’s all the same whether it’s called interest or fees, and whether it’s defined as usury or not. It’s still more money they have to earn in order to pay back the lender.
If you would like to report financial fraud, please contact the FBI at 202.324.3000 or online at https://tips.fbi.gov . You may also wish to contact the United States Attorney's Office where you are located or where the fraud was committed. Visit the Offices of the United States Attorneys for a list of the 93 United States Attorney's Offices and links to their websites. In addition, certain government agencies target particular types of financial fraud. Below are some common types of fraud and contact information for the agencies that routinely handle them.
To file a complaint with the FBI contact the nearest FBI field office. Locations are listed at www.fbi.gov/contactus.htm or https://tips.fbi.gov/ or for major cases, you can also report information by calling toll-free number 1-800-CALLFBI (225-5324).
The Internet Crime Complaint Center ( www.IC3.gov) receives, develops, and refers complaints regarding the rapidly expanding area of cyber crime. For law enforcement and regulatory agencies at the federal, state, local and international levels, IC3 is the central clearinghouse for complaints on internet related crimes. The IC3 complaint process provides victims of cyber crimes a convenient, easily accessible, online reporting mechanism to alert law enforcement of suspected criminal and civil violations.
The SSA National Fraud Hotline provides an avenue for individuals to report fraud, waste, and abuse within SSA programs and operations. Additionally, the misuse of a Social Security number can also be reported.
If you have a complaint about any type of consumer fraud, including any type of mass-marketing fraud, you can file a complaint through a toll-free Consumer Help Line, 1-877-FTC-HELP (1-877-382-4357) or online with the Federal Trade Commission.
This is archived content from the StopFraud.gov website. The information here may be outdated and links may no longer function. Please contact [email protected] if you have any questions about the archive site.
You can file a complaint or provide the SEC with tips on potential securities law violations though the links on this page.
The best defense against predatory lenders lies in educating yourself about their deceptive practices. Following is a list of some of the things to watch out for:
While there is some dispute about what constitutes a predatory lending practice, a number of actions are often cited as such — including a failure to disclose information or disclosing false information, risk-based pricing and inflated charges and fees. There are other predatory practices such as loan packing, loan flipping, asset-based lending and reverse redlining.
For example, Elevate Inc., an online lender in Texas, offers subprime loans to people with credits scores of 580 to 625 at interest rates between 36% and 365%. Many states have laws preventing high interest rate loans.
Subprime Loans. Subprime loans are made to borrowers with a poor credit history and a high chance of defaulting on repayment. They are popular again and creating debate on whether extending high-interest credit to mostly poor consumers is a good thing for the economy.
Predatory lenders typically target minorities, the poor, the elderly and the less educated. They also prey on people who need immediate cash for emergencies such as paying medical bills, making a home repair or car payment. These lenders also target borrowers with credit problems or people who recently lost their jobs. This could disqualify them from conventional loans or lines of credit, even though they have substantial equity in their homes.
The lender targets limited-resource neighborhoods that conventional banks may shy away from. Everyone in the neighborhood is charged higher rates to borrow money, regardless of credit history, income or ability to repay.
Legal Protections. Federal laws protect consumers against predatory lenders. Chief among them is the Equal Credit Opportunity Act (ECOA). This law makes it illegal for a lender to impose a higher interest rate or higher fees based on a person’s race, color, religion, sex, age, marital status or national origin.