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In this case the documents weren't particularly complex or difficult to understand, though. And I think most of the parties fully understood the meaning and int
by endorphone 8y ago
In this case the documents weren't particularly complex or difficult to understand, though. And I think most of the parties fully understood the meaning and intent of the text they signed. But this company takes advantage of people in vulnerable situations (as most predatory lenders do) and circumvents all of the normal checks and balances in a way that should be absolutely illegal. If this sort of activity is what they need to do to stay in business, they shouldn't be in business (and I say this for both sides of this case, as an aside. Massive interest loans to temporarily prop up failing businesses just costs everyone).
While I might understand a lender needing agility to act quick if they think a borrower is failing, a rubber-stamp immediate default judgment is outrageous. More so is the notion that a form-filled template is worth a $9,900 legal fee (which is likely why they chose this route -- retrieving the capital to lend to someone else and filling a bit of business for their bottom-feeder in-house lawyer made it a net win)