High-interest Lenders Tap Elderly, Disabled

[antigop]

Source: WSJ: Page 1

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."

Read more: http://online.wsj.com/article/SB120277630957260703.html

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Makes me sick.

[OhioChick]

1. That's a Shame.

Those pay day loan places are popping up left and right here.

[TML]

3. Same here

Next to liquor stores, they're probably the fastest growing business segment in my neighborhood.

[Arctic Dave]

5. Unfortunately ours too.

We live on the outer ring of the "suburbs" next to supermarket but the last few months we had a new liquor store, payday loan store and a rent to own store go in next us. I tell my wife the only thing keeping us from becoming a "hood" is a gun store. Ha Ha, funny. But not. All lame joking aside I think these will be the big things in the future.

[TML]

6. We have that

There's a liquor store in my town where you can buy booze and bullets.

[Arctic Dave]

7. Everything to make a country boy go ga ga, n/t

[benld74]

2. Pariah

[2Design]

4. the legal mafia and our government allows this n/t

[Doremus]

8. Well, why would those lenders have a need to target the sick & elderly?

All they have to do is throw open their doors and crowds of people flock in begging to borrow money at rates so high they'll have to live the rest of their lives in servitude.

Suck it up, sick and elderly folks. You asked to be screwed, now live with the consequences.

:sarcasm: