Huge numbers of people — disproportionately people of color — are away from work, face eviction, and are usually struggling in order to make ends satisfy and place meals up for grabs. And also as banks clamp straight down on credit and loans, it is no surprise that predatory payday loan providers are seeing this as a chance to bring clients within the home.
Pay day loans have traditionally been marketed as an instrument for lower-income people and families getting usage of fast money. In exchange, payday lenders charge triple-digit interest on loans of the few hundred dollars, guaranteed by access into the borrower’s banking account. [Read more…]