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A borrower with poor credit is most susceptible to a predatory lender due to discriminatory lending practices targeted at vulnerable groups.
A borrower with poor credit is most susceptible to a predatory lender due to discriminatory practices in lending policies based on factors like race, ethnicity, and socioeconomic status. Immigrants and individuals with DACA status often face challenges in securing loans, leading to higher down payments and interest rates for those without a social security number.
Research has shown that African Americans and Latinos are more likely to have their mortgage applications rejected compared to whites with similar qualifications, indicating racial and ethnic discrimination in lending practices.
Predatory lending targets vulnerable groups, exploiting their financial situations and charging exorbitant fees and interest rates, leading to economic disparities and higher default rates.
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