Ever been tempted to get a payday loan? It’s so easy…and so dangerous. As Credo points out, “The dirty secret of the payday lending industry is that there is no money in people repaying their loans on time. The key to the whole profit-making engine that makes lenders’ Wall Street backers rich is tricking people into taking out one loan and then locking them into months or years of debt. Charging hidden fees and demanding sky-high interest rates, payday lenders are little more than legal loan sharks.“
Too many people, vulnerable because of low-paying jobs, a sudden medical or auto expense, and a hundred other situations, fall into this trap. And it’s legal.
Read more about this at Credo Action. If you think the Consumer Protection Agency should crack down on payday lenders, use Credo’s webpage to send them a strong message telling them just that.