Is there any worse legal business practice than PayDay loans?
Subprime credit cards with a $200 credit limit and a $150 activation fee… CashCall charges over 99% APR and uses Garry Coleman as its spokesperson. Many know that he had financial difficulty and even on a bigscreen HD tv, it’s hard to read the fine print on the commercial! I’d suggest pressuring your representatives and congresspeople to take this issue seriously. Many of those who go to payday lenders don’t understand what they’re getting themselves into or see that the effective APR can be upwards of 300%. I don’t think that check advance place need to be eliminated (they’re a need for some people who don’t have banking relations), they just need to be more strongly regulated.
