Spreading Awareness About the Danger of Subprime Loans

Subprime/Predatory Loans

Subprime loans are given out to people in bad financial situations as a way con them into paying large amounts of money that they can't afford. Generally, loans are given to people who have a financial history that shows they are capable of paying them back. Subprime loans, however, target people who would not normally receive loans because of their bad credit reports and take advantage of their need for money by charging them outrageous interest prices. Subprime loans can increase the amount of debt someone is in, thus perpetuating financial struggle in society.

Daily

• Reach out to people and give them tips on financial literacy

Weekly

• Set up weekly meetings where people in debt are alerted about potential scams that loan giving organizations will target them in

Monthly

• Post on social media about predatory lenders, warning people not to use them
• Call out predatory lenders online; write reviews

Periodically

• If you have the power and privilege, offer another option to someone in need — crowdfunding, a loan from you, etc.