Predatory Lending
NCPW: Learn More About Payday Lending
Payday lending is in the news quite a bit lately. I’ve written about these kinds of loans before on this blog, but now, during National Consumer Protection Week, it’s a good time to revisit the issue.
The theme for NCPW this year is “Read Up and Reach Out” and in that vein, I’ve discovered one of the best resources around to learn more about payday loans. It’s at this website, the Consumer Federation of America’s Pay Day Loan Consumer Information site. The site includes a calculator to help you determine the true cost of this kind of credit and legal information on how each state treats such loans.
Take a look at the site and learn more about this costly, dangerous form of predatory lending. Once you have the facts, you’re more equipped to prevent yourself from falling victim to such practices.
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Everyone writes about the law, but what I notice is that no one has a solution about fighting the law. In other words, if some poor soul gets one of these loan and default on it and then has to pay these very high interest rate, how do you fight that in court.