The Truth about Payday Loans - Straight from a Payday Lender
Often, warnings about financial deathtraps like predatory mortgage lending and payday loans go unheeded because they sound so outrageous. It's easy (and makes us feel safer) to say, "Well, I'd never agree to something like THAT!" The truth is, though, that many of the people facing financial crisis because of repeated payday loan rollovers or adjustable rate mortgages didn't know what they were agreeing to. In some cases, that's because they didn't ask enough questions or read their paperwork carefully enough, but in many cases it's because the lender actively misled them.
That's hard for some people to believe, but this video, courtesy of the Center for Responsible Lending, tells the story straight from the lips of Rebecca Flippo, a former payday loan store lender. If you're even considering the possibility of using payday loans, take a moment to watch this video and learn a little about how the industry really operates before you sign that contract.
The Center for Responsible Lending is an excellent resource for consumers and for those engaged in the battle against predatory lending or representing its victims. Visit their website for legislative updates, research and reports, and more useful information and resources relating to the war on predatory lenders.
