Borrowers beware: Fed discovers shady small business loan practices

PETER MILLER | January 9, 2020

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Small business loans can be a danger zone of the financial marketplace. While residential mortgage rates hover in the 3% range, commercial lenders often charge 40% and more, according to the Federal Reserve. The basic answer is that commercial loans “are not subject to most federal consumer protection laws and regulations,” explains the Federal Deposit Insurance Corporation. That means it’s up to you, the small business owner, to find a business loan that’s both safe and affordable. Here are a few ways you can do that.

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