Posts Tagged ‘loan sharks’

Payday Loans: Legalized Loan Sharking

 

The payday loan industry likes to say that it provides a service to underserved low income communities where credit may be otherwise hard to come by. They also claim to provide emergency funds for people with a one time cash shortage. 

The truth is that payday lenders are nothing more than legalized loan sharks, and while the consequences of not “paying up” when the loan comes due are not as dire as broken legs and fingers, they are just as crippling.

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