What is the primary goal of predatory lending laws?

The primary goal of predatory lending laws is to protect borrowers from unfair lending practices. These laws are designed to prevent lenders from engaging in abusive behaviors such as charging excessive fees, providing misleading information, or trapping borrowers in loans with terms that are unfavorable and difficult to manage. Such practices can lead to a cycle of debt that significantly impacts borrowers' financial wellbeing. By establishing regulations that promote transparency and fairness in lending, these laws seek to ensure that borrowers are treated ethically and have access to loans that are reasonable and manageable. This protection empowers consumers and fosters a healthier lending landscape.