As your parents age, it’s only natural to become more protective. This definitely holds true in regards to their finances, as you don’t want them to be taken advantage of.

Unfortunately, there are people out there who prey on the elderly. They realize they’re no longer as sharp as they once were, and are more likely to make poor financial decisions.

While you can’t be everywhere at all times, there are many steps you can take to protect your parents from loan sharks and predatory lending as a whole.

1. Educate Them

There’s a good chance your parents are still living in the past, not exactly realizing that there are people out to make a dollar off of them.

Do your part in educating them about loan sharks, predatory lending, and any other scams that could impact their finances.

The more information you provide the better off everyone will be.

2. Review Everything

You don’t want to come across as controlling, but let your parents know you’re willing to review every financial move they make (within reason, of course).

For example, before they secure a loan, help review lenders and terms to ensure that it’s a legitimate deal from a reputable lender.

3. Discuss Options

There may come a time when your parents feel cornered. They need money, and are willing to fall prey to a loan shark in order to get it.

You should explain that there are many financial options to consider, ranging from credit cards to personal loans among others.

There’s never a good time for anyone to feel that they have to do business with a loan shark.

It’s a scary world out there, especially when it comes to money. If you want to protect your parents from loan sharks and predatory lending, the three tips above should help you do just that.

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