Being a subprime borrower is hard enough without having to worry about predatory lending. With a credit score below 650 (a common definition of sub-prime), a sub-prime borrower has likely already faced bankruptcy filings, collection records, late payments and other credit report negatives. These past financial difficulties can lead to future financial problems.
Borrowers with a low credit score often will have to pay higher rates for credit cards, cell phones, utilities, apartments and insurance. Along with these higher prices, sub prime borrowers (especially the elderly) can be targeted by unscrupulous lenders offering expensive or illegal loans. Sub-prime lending occurs in almost every aspect of the lending industry, from mortgages, auto loans, personal and payday loans. We reached out to a representative from KBU Texas loans to gain additional details on how borrowers may protect themselves from being a victim of choosing a bad loan offer or entering into a financial agreement that could lead to financial hardships.
While regulating these large lenders is a great step toward consumer protection, in reality smaller unscrupulous lenders often do the most damage. Targeting subprime borrowers (sometimes even door to door), these true predatory lenders pressure consumers into expensive loans that often lead to foreclosure.
What can subprime borrowers do to protect themselves from predatory lending? Awareness of the risks and comparison shopping are extremely important. Subprime borrowers should expect to pay higher rates because of their credit standing, but they do not need to accept the first offer they receive. Shopping and comparing loan options online can help a borrower determine what rates they really deserve based on their credit standing. Borrowers should also look out for some predatory lending red flags such as prepayment penalties and balloon loans. Suprime borrowers should know their rights before they sign on the dotted line
Finding a reputable insurance broker for your commercial property coverage is necessary for business success. Business owners invest a significant amount of time, money, and resources to build their business into successful operations. Unexpected disasters and interruptions to business can occur in a moments notice and have a significant impact on financial sustainability. Business interruption insurance in conjunction with standard property insurance must be purchased to protect your valuable assets in the event of a disaster. Business owners must carefully examine their standard policy to understand the coverage and exclusions. Generally speaking, business interruption insurance is not automatically packaged with property damage coverage. A reputable insurance broker will explain the variations in available property coverage and make sure you understand exactly what is covered and what is excluded. High-quality insurance brokers with integrity should offer you the option to purchase business interruption coverage in addition to standard coverage. The best way to find a reputable agent is to ask other trusted business owners for recommendations. Many highly regarded insurance agents are well known in the business community and word-of-mouth recommendations carry a significant amount of weight. If you are fortunate to know a business owner that experienced an unprecedented loss and recovered successfully, ask for the name of their insurance agent. Chances are this individual was covered with an adequate amount of standard property insurance and business interruption insurance.
If you are unsure of how to locate a reputable insurance broker, there are several basic research options at your disposal. Contact the insurance company that you personally conduct business with and inquire about their business insurance products. When you are already an established customer, you may qualify for significant discounts if you purchase multiple insurance policies. Your agent can keep your personal insurance separate from your business insurance. Contact several of the large commercial insurance companies such as Nationwide and Chubb. Obtain numerous coverage and price quotes and determine if these are sufficient to meet your needs and expectations. Consider the insurance companies that are well known and those who are listed first when you conduct an online search of insurance brokers for business customers. Regardless of your final decision, finding a reputable insurance broker for your commercial property coverages is critical to protect your business from disaster.
According to the SBA, almost 50% of business that are victim of a disaster caused by a flood or fire never re-open for business. A good portion of this can be directly attributed to having in-adequate levels of business and continuity insurance.
Residents anywhere from the Deep South to the Midwest are dealing with heavy rainfall and severe flooding today, as several states have undergone flash flooding Monday night and Tuesday morning. Residents have been stranded on roads and many roads are still impassable all over the Midwest.
Many residents are being asked to be prepared to evacuate in Gowanda, New York, as extremely heavy rain is causing water to rise on Tuesday morning. A state of emergency has been declared for Gowanda due to the heavy rain causing two creeks to flood nearby areas. Flash flood warnings have been issues for areas around Cleveland, Ohio since Monday night. Heavy rain and powerful thunderstorms have slowly moved through the suburbs and have caused major flooding. There have been many flooding complaints and traffic accidents since Monday night caused directly by the weather.
A meteorologist from weather.com stated that the radar predicted rainfall that would exceed 2 inches over a very short period of time. This large cell of rain extended from northern Lorain County into western Cuyahoga, Medina, and Summit Counties as well. On Monday night, several roads in northern Ohio were closed off due to high standing water. Other areas have urged drivers to stay off the roads with the exception of emergencies. Many police officers still had to deal with some residents that did not heed their warnings.
Basement flooding was a main issue in parts of Wisconsin and northern Illinois, due to very heavy rains that caused flooding to homes and roadways. In the South, Texas, Louisiana, and Oklahoma all reported flash flooding on Monday night as heavy rainfall hauled water into buildings and stranded many drivers on flooded roadways. In Dallas, Texas, thousands of residents lost power on Monday afternoon. A severe weather cell moved through the Dallas area, and many parts of the city experienced damaging winds, hail, and lightening, but rainfall did not cause massive flash flooding. The flood reports that did come in were relatively minor.
Flash flooding and heavy rainfall in general was a bigger problem in areas like San Antonio and Houston. The lower levels of Interstate 35 had to be shut down in San Antonio as the water level rose. Several roads in New Braunfels were closed and had to be barricaded due to extreme flood issues. The flooding became quite dangerous in Houston on Tuesday morning as steady and heavy rainfall began to threaten the rush hour commuters. Firefighters began assisting many stranded residents in the Conroe area which is north of the Houston area. As of now there are no road closures, yet there are many lane closures due to the flooding concerns and issues. Authorities in Houston are telling residents to drive with caution and avoid roadways that are overrun with water.
Stay tuned to your local weather authority or the Weather Channel for any updates on the forecast in your area.