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Shazzers · #1 04-15-2008, 08:01 PM

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 lendersâ€™ 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.

cannr · #2 04-15-2008, 08:10 PM

Loved it! I love the fact that the interview was by a former pay day lender. Awesome!

Vikas · #3 04-15-2008, 11:11 PM

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.