Learn to steer clear of these loans, which are great for the lender but horrible for your wallet. Payday loans are typically seen as predatory because the costs can escalate quickly: Annual percentage rates can reach 40o percent or higher, and borrowers may be encouraged to roll fees into expensive new loans. But mainstream loans, such as mortgage and auto loans, may have predatory terms, too. Learn how to protect yourself from these loans, how to spot one and alternative ways to borrow money. Research the lenders business record and whether they have questionable consumer rights actions or litigations.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.