nhboy
Ubi bene ibi patria
"DOTHAN, Ala. -- One recent morning, dozens of elderly and disabled people, some propped on walkers and canes, gathered at Small Loans Inc. Many had borrowed money from Small Loans and turned over their Social Security benefits to pay back the high-interest lender. Now they were waiting for their "allowance" -- their monthly check, minus Small Loans' cut.
The crowd represents the newest twist for a fast-growing industry -- lenders that make high-interest loans, often called "payday" loans, that are secured by upcoming paychecks. Such lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran's benefits. "These people always get paid, rain or shine," says William Harrod, a former manager of payday loan stores in suburban Virginia and Washington, D.C. Government beneficiaries "will always have money, every 30 days."
High-Interest Lenders Tap Elderly, Disabled - WSJ.com
Sometimes, There Really Is Only One Side of a Story
"Today’s front-page Wall Street Journal story on payday lenders hitting up the elderly and disabled for high-rate loans lends another blow to the industry’s attempt to clean up its image. The only worse publicity payday lenders could ask for is a followup tomorrow on making loans to the blind and infirm.
But sometimes there’s no way to put a gloss on what things really are. And payday loans aren’t a needed financial service; they’re a ridiculously high-rate product aimed at desperate people.
Sometimes, There Really Is Only One Side of a Story - The Washington Independent - U.S. news and politics - washingtonindependent.com
The crowd represents the newest twist for a fast-growing industry -- lenders that make high-interest loans, often called "payday" loans, that are secured by upcoming paychecks. Such lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran's benefits. "These people always get paid, rain or shine," says William Harrod, a former manager of payday loan stores in suburban Virginia and Washington, D.C. Government beneficiaries "will always have money, every 30 days."
High-Interest Lenders Tap Elderly, Disabled - WSJ.com
Sometimes, There Really Is Only One Side of a Story
"Today’s front-page Wall Street Journal story on payday lenders hitting up the elderly and disabled for high-rate loans lends another blow to the industry’s attempt to clean up its image. The only worse publicity payday lenders could ask for is a followup tomorrow on making loans to the blind and infirm.
But sometimes there’s no way to put a gloss on what things really are. And payday loans aren’t a needed financial service; they’re a ridiculously high-rate product aimed at desperate people.
Sometimes, There Really Is Only One Side of a Story - The Washington Independent - U.S. news and politics - washingtonindependent.com
