I have heard and read about PayDay loans for many years now, long before I started blogging—even considered taking one out at some point but never did. Something about them just didn’t sit right with me. Well, it turns out I was correct. Baby, my cat decided once again to wake me up at 2:30 AM—so I turned on the computer and saw that The New York Times had an article about it! Click to read the entire story--
Major Banks Aid in Payday Loans Banned by States
By JESSICA SILVER-GREENBERG
Published: February 23, 2013
Now very little in this article surprised me—What I did not know was that these loans have been banned in 15 states!! I was not surprised that the big banks were actually helping these scalpers-which is what they are in my opinion-the interest rates they are charging is nothing short of criminal! According to the article these rates can sometimes exceed 500%. From what I have heard over the years you would actually be better off borrowing from a loan shark (DO NOT do this either-but their rates are supposedly lower then those stated in the article).
As a blogger I get numerous “spam” comments daily—which I am sure everyone else does as well—the bulk of them are for cheap priced prescription drugs or lately PayDay loans—I dutifully delete these comments as I am sure many others do as well. Most times they are marked as spam by my email and are easily deleted—some manage to sneak through-but I get rid of them as well—It now makes sense to me why they are having people sneak these ads into blog post comments—A lot if not all are in other countries-having been banned here-where the laws are not so harsh.
I suggest you click into the above article and read it—it will open your eyes wide and hopefully you will never take out one of these “loans”.
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