The Truth about Payday Loans - Straight from a Payday Lender
Often, warnings about financial traps 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, the Center for Responsible Lending has a series of videos that shine the light on payday loans. One video on their site 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.
Watch the videos at the CRL's web site.