First there was the subprime ripoff. Now those who haven't been finished off by the mortgage collapse and taking out payday loans. In both cases working people are being ripped-off by what are essentially modern day loan sharks. All with the blessing of the government.
Monday, July 28, 2008
Video: Legalized Loan Sharking - Payday Loans
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1 comment:
Payday lending is not loan sharking. We are upfront to our customers about the cost of each loan and the term of each loan. The industry even provides a comparison tool at www.cfsa.net/knowyourfee/index.html. Consumers do have other options, they can borrow money from friends and family, bounce checks, pay overdraft or late payment fees, or take out a credit card cash advance. Time and time again our customers tell us that they choose to take out a payday loan because it is the best option for them.
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