How Brokers are Milking Small Business Owners
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Many borrowers depend on brokers to make sense of the documents.
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Both online or offline lending still fall back on the broker.
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There are lots of lending options and it is the duty of a broker to clarify.
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Many loan brokers pride themselves as honest but their activities speak otherwise.
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Some brokers hoodwink borrowers to take up loans that are detrimental to them but fatten the broker.
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Others increase their services but up to 20 percent without the knowledge of the borrower.
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It is very easy for brokers to swindle borrowers because they are more knowledgeable on the subject.
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There is no federal regulation on the activities of loan brokers.
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The available state regulation seems to only focus on them obtaining licenses.
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Conferences should be organized to train loan brokers.
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Read the full article: https://businessloans.wordchapter.com/howbrokers-are-milking-small-business-owners/
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