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High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19

High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19

With scores of Americans unemployed and dealing with monetaray hardship during the COVID-19 pandemic, payday loan loan providers are aggressively focusing on susceptible communities through web marketing.

Some specialists worry more borrowers will begin taking out fully pay day loans despite their high-interest prices, which took place through the economic crisis in 2009. Payday loan providers market themselves as a quick monetary fix by providing fast cash on the web or in storefronts — but usually lead borrowers into debt traps with triple-digit interest levels as much as 300% to 400per cent, claims Charla Rios for the Center for Responsible Lending. Continue reading High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19