Stop Payday Loans!

In this struggling economy where people are out of jobs, and banks aren’t lending money, individuals are becoming desperate for funding. In advertisements all over the web you see adds daily that read “$1000 loan no credit check”, or “ Get extra cash NOW, $300 - $2000 in 24 hours”. The ads are especially tempting to those in need of a financial boost.

The problems with these loans are the insane interest rates and the lenders direct access to pulling the money from your bank account. When people are desperate they resort to anything to help them in their present situation. Little do they realize what a tremendous debt they have just buries them selves into. No one explains that most of these interest rates end up being 300%. They also don’t always make it clear that every time you refinance, you are actually increasing that debt by drastic means.

Payday Loan dealers are taking advantage of people in vulnerable situation who may not be able to repay these loans on time, and they rely on the consumer to extend them almost doubling their next payment.

For instance, a $300 loan will usually end up costing someone anywhere from $700-$1200 if they fall into the payday loan trap which ultimately becomes a cycle! This should be regulated or stopped completely. Our economy can’t afford to pay the fees for these greedy thieves.