The depravity of the Pay Day loan industry knows no bounds. Pay Day loans are effectively legalized loan sharking. The Fast Bucks title loan business you see next to Papa Murphy’s take and bake pizza in Roswell,NM was closed for business on Super Bowl Sunday. It was a cold day as evidenced by the condensate car exhaust fumes.
An even colder event is the day you use your car or motorcycle as collateral for a loan from cut throat lenders like Fast Bucks. They are the ones making the fast bucks, NOT the desperate borrower who in many cases uses his check pay stub as proof he will be able to pay back the money borrowed at excessively high interest rates. Don’t be fooled by their offer of not running a credit check on you. They make up for it by making a ton of cash off of you by charging unfair interest rates.
By the time most folks borrow from a pay day lender, their credit score is already way too low to qualify for a more conventional loan. I would rather do with out than borrow from them! Since the law does not prevent them from ripping you off, the only way to shut them down is to NOT borrow from them. Have you ever noticed that pay day loan places never get robbed? Crooks like them know how to prevent others from doing what they are masters of which is stealing.
Read the incisive and informative letter to the editor in Providence by Matthew McCabe promulgating the wide spread abuse of the poor by the Pay Day Loan industry.