DON’T BE PIMPED BY THE PAYDAY LOAN COMPANIES

In some cities there are more of these operators than Subway sandwich shops. It is the growing multibillion dollar payday loan industry that is raping Black, Latino, immigrant and poor white communities at an alarming rate.

To hear both sides of the argument one would have to start to dig under the fingernails to determine if the dirt of payday loan and similar services are valid.  In some states, there are little if any regulations governing payday, car title loans or similar services.   In calculating fees, extensions and other charges the rates could be extremely high.

Some government legislators have passed laws, ordinances and resolutions which requires further disclosure of certain fees, charges and penalties of doing business with payday and title loans.  Even to the point of indicating that the small print is now required to be large enough for a person to read. In all fairness, we discovered two locations that actually took time to fully explain all of the charges, and potential charges to customers before they decided to proceed with the transaction.

ORGANIZATIONS CAPITALIZING ON LOW INCOME RESIDENTS –

Shame on those ethnic organizations and individuals that are supported by these multimillion dollar industry moguls. We have discovered that there are select organizations and individuals which have made money off the backs of the poor. They accept the corporate donations which pay for their golf tournaments, special events and other activities which never include their customers.

Keep in the mind that different areas have different attitudes, but part of being responsible to your community customers means that you should come to the table with methods to enhance an economically depressed community.  A simple question to any of the payday loan and title loan operators in your area is “how many scholarships did they offer in YOUR community this past year and how much?”

As we explore future articles on the payday loan industry, we also intend to include the names of those individuals and organizations that have allegedly exploited the underprivileged people in their communities and states.  We will also explore those that want you to rent furniture and get advances on your income tax returns…   Remember, some of these pitchmen may look like you!

 

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