Finance
Predatory lending in West Virginia involves:
ASetting interest rates above the federal funds rate
BUnfair, deceptive, or abusive loan terms that exploit borrowers, such as excessive fees, loan flipping, or targeting vulnerable populations✓ Correct
CCharging the same interest rate to all borrowers regardless of credit score
DRequiring borrowers to have 20% down payments
Explanation
Predatory lending involves deceptive or abusive practices such as charging excessive fees, encouraging frequent refinancing (loan flipping), steering borrowers into higher-cost products than they qualify for, or targeting elderly, minority, or low-income borrowers.
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