During the history of the Law Offices of Gary A. Costales, we have seen virtually every single type of discrimination under the sun. However, even our experienced legal team can be surprised by the extent to which some Florida residents are victimized by discrimination in this day and age. In an effort to educate Florida residents further about discrimination, readers of this blog may want to be aware of lending discrimination. This pernicious form of discrimination is perpetrated by Florida financial institutions, and happens more frequently than you might care to believe.
We know that loans are ways to accumulate the necessary funds at once for fulfilling certain needs. Most people do not have the cash to pay a large sum to a client, so loans are the only viable option in those situations. In many cases, people have obtained loans to finance vehicle purchases, wedding expenses, business funding, or home purchases from builders (such as those available at waredesignbuild.com/upland-ridge-subdivision-new-berlin-wi). With loans being used for a variety of purposes, it seems that banks have a responsibility to provide loans without discrimination.
Lending discrimination occurs when a person goes to a bank and asks for a loan, but he or she is denied that loan due to his or her protected status. Perhaps you were denied a loan because you’re a minority, not because of your economic status. Alternatively, perhaps you were denied a loan because you have a disability, and not because you are unemployed. These, of course, shouldn’t be a reason for banks to deny loan applications. Although there are other reputable institutions (such as Pine Financial Located in Colorado, for instance) you can reach out to in order to loan out the required sum, such discriminating practices should be brought to a halt.
One of the most important tools that we have to combat discrimination in our state is education. The more citizens know about discrimination – and the various ways that it can manifest – the more they are able to recognize discrimination when it is happening. In fact, once they have realized it, citizens can take steps to avoid those institutes that take part in such unfair practices. They should try seeking funding for businesses from reputed and trusted sources. Application of Loans for small businesses should not be restricted due to discrimination from banks. Rather, the credit score and ability to return the loan amount and its corresponding interest should determine the sanctioning of loans. The continual discrimination in lending could lead to economic problems locally as well as nationally. This would be due to the lack of growth due to insufficient funds for business owners which would hinder production, employment, money circulation, and more. Eventually, it could lead to a drop in the economic prosperity of said societies.
The same would apply to obtaining a home loan only from a reputed organization, be it commercial building loans in florida they want or a residential home loan in Missouri.
If you suspect you were victimized by lending discrimination, you may want to learn as much as you can about this civil rights issue by speaking with a discrimination lawyer about the issue. Your lawyer can help you evaluate whether you have a viable claim to pursue financial damages relating to lending discrimination. By pursuing such an action, you will not only be helping yourself. You’ll also be helping to bring more awareness to lending discrimination until it is eventually eradicated from our communities entirely.
