Better Terms for a Better Loan

Rex came to one of our South Carolina branches carrying an auto loan at 33.98% interest. This is the kind of rate that keeps borrowers trapped in a debt cycle, as they struggle to make high monthly payments before even making a dent in the principal. Rex’s Self-Help loan officer, Alejandra, worked with him to refinance the loan at 10%, reducing the monthly payment from $668 to $482, an annual savings of $2,232, which would translate to more than $10,000 over the life of the loan.

Predatory lending and the fight for fairness

Predatory loans exploit vulnerable borrowers, often trapping them in cycles of debt through unjust terms that can lead to default, property seizure, and lasting financial harm. Unfair lending practices drain nearly $3 billion from lower-income consumers each year. Self-Help’s research and policy affiliate, the Center for Responsible Lending (CRL), has been at the forefront of advocating for financial fairness and against predatory practices for decades. Learn more about CRL and its work to curb predatory lending.