With Farmers Taking On More Debt, Wisconsin Officials Warn Against Unregulated Lenders

Agriculture Officials Worry More Farmers Will Be Tempted By Quick Access Loans, Credit Cards

With farm debt expected to reach a record high this year, some Wisconsin agriculture officials worry more of the state’s farms will turn to unregulated lenders for this year’s operating loans.

Frank Friar is an economic development specialist at the state Department of Agriculture, Trade and Consumer Protection’s Farm Center. He said the center receives calls every year from farmers who have taken out loans from companies that are not regulated by state or federal financial agencies.

"You read an ad in the paper that says, `Show this ad now and you can have $200,000 tomorrow morning.` Any ad that appears to be too good to be true, the old statement, is probably too good to be true," Friar said. "In some cases, they’re specifically targeting farmers if they’re in a farm publication. In other cases, they may be trying to connect with an everyday consumer that`s looking for credit."...

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- - Volume: 7 - WEEK: 23 Date: 6/6/2019 8:52:55 AM -