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[8/10] Payday Loans Trap Borrowers


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[8/10] Payday Loans Trap Borrowers

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About Video : An interview with a former payday lender. Reveals that payday loans are designed to keep borrowers in long-term debt. www.responsiblelending.org

Duration : [ 3 mins 39 secs ]

Video submitted by : Shazzers
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  #1  
Old 04-15-2008, 08:01 PM
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Default [8/10] Payday Loans Trap Borrowers

Editor's rating: 8/10

It's so easy to get caught up in the payday loan trap, a former employee tells how.

Quote:
Research shows that the payday lending business model is designed to keep borrowers in debt, not to provide one-time assistance during a time of financial need. According to CRL's research, borrowers who receive five or more loans a year account for 90 percent of the lenders’ business. Our report, Financial Quicksand, shows that payday lenders cost American families $4.2 billion every year in predatory fees. Twelve states and the District of Columbia will save a collective $1.5 billion per year with an effective solution -- a cap on interest rates for consumer loans in the 36-percent range.
Source: responsiblelending.org

A former payday loan lender confirms it.
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  #2  
Old 04-15-2008, 08:10 PM
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Loved it! I love the fact that the interview was by a former pay day lender. Awesome!
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  #3  
Old 04-15-2008, 11:11 PM
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Its been one of my favorite videos on payday loans. I hope it will help us open some more eyes.

Now only question remains:
Who will reach the person first? DebtCC community or a smooth talking payday loan lender.

Thanks for sharing it.
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  #4  
Old 04-16-2008, 07:35 AM
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Excellent video... and from a former pay day lender makes the information even more credible to the viewer.
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Old 05-10-2008, 11:04 AM
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I agree it is very informative and opens some eyes.
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  #6  
Old 05-21-2008, 08:39 PM
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This is a really great video!!
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