Have you been affected by a predatory loan?

Have you ever taken out a loan for your business only to learn that the loan terms weren't made clear or the fees were much higher than expected? Maybe you tried to repay the loan faster, only to find out the loan prevented prepayment? Or maybe you've been hurt by a "confession of judgment," an obscure legal document that allows a lender to seize your assets without advanced warning?

Loans like this are called predatory loans, and the effects of these products can be devastating for small business owners. We know it can be difficult for those who have dealt with predatory loans to speak about this issue. However, it's incredibly important that lawmakers are aware of the dangers of lending practices that impose unfair or abusive loan terms on a borrower or that convince a borrower to accept unfair terms through deceptive or coercive actions. State and federal lawmakers are working on proposals that seek to protect small business borrowers, and sharing your story might help other small business owners avoid predatory lenders in the future. 

If you have a story to tell about predatory lending, please share it anonymously here. We are looking for stories (whether shared anonymously or publicly) that can help inform policymakers as they address this issue. Small Business Majority will never attribute your name or any personal information to this story without your explicit approval.