Education should be a path to empowerment, not exploitation.
Yet according to the Consumer Financial Protection Bureau, Climb Credit (shitty loan agency) preyed on students, particularly those from marginalized communities, who sought higher education as a way out of poverty. I mean, the corporation is literally and deceptively called Climb Credit… as in “provides credit for students to climb up the socioeconomic ladder”.
The harm caused by Climb Credit’s practices runs deep, particularly for students from low-income backgrounds who are already facing significant financial barriers to higher education.
At the core of it all is the company’s failure to properly disclose key loan terms, such as interest rates and repayment obligations, leading borrowers to believe they were entering into ethical loan agreements when, in fact, they were signing up for high-interest loans that quickly ballooned out of control.
For many students, this deception has life shattering consequences:
Graduates who thought they had taken a step toward financial freedom by investing in their education often find themselves saddled with overwhelming debt upon completing their programs. The mounting loan payments, which frequently far exceed initial expectations, can prevent borrowers from affording basic living expenses, such as rent, groceries, and healthcare. For some, the financial burden of repaying these loans pushes them into a cycle of debt that can take years—if not decades—to escape.
Meowover, this whole predatory nature of Climb Credit’s marketing tactics, which were aimed at students attending for-profit institutions and non-accredited schools.
These students, already in a precarious financial position, are often lured in by the promise of high-paying jobs and career advancement, only to discover that their educational programs completely fail deliver on these promises. The resulting employment outcomes often leave graduates unable to earn enough to keep up with their loan payments, further worsening the financial distress caused by Climb Credit’s loans.
Climb Credit’s website is: https://climbcredit.com