CFPB-PR-240807-1 (Aug. 7, 2024) CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans – Agency issues nationwide consumer advisory on predatory solar lending. Date: Aug. 7, 2024 Accessed: Aug. 26, 2024 Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-lenders-cramming-markup-fees-and-confusing-terms-into-solar-energy-loans/ Categories: CFTC CFTC-24 CFTC-2401 Agency Reports Solar Energy Loans PDF Notes: The PDF viewer below disables […]
Category: Solar Energy Loans
Solar Energy Loans can be susceptible to fraud in several ways. Scammers might pose as lenders or installers, offering enticing deals that are too good to be true, only to steal personal information or upfront payments without delivering the promised services. Fraud can also occur through fake or inflated loan applications, where dishonest borrowers might exaggerate their creditworthiness or income to secure loans they cannot afford. Additionally, fraudulent activities can involve unscrupulous contractors who overcharge for installations or use substandard equipment while siphoning off loan funds. Victims may end up with financial losses and unresolved solar projects, making it crucial to thoroughly vet lenders and contractors before proceeding with solar energy investments.