“Predatory Lender” is the appropriate moniker. Several years ago I got trapped into borrowing from several lenders at a time when I was living from paycheck to paycheck because the loans were so easy to get. It became an addiction similar to a gambling addiction. At that time, for all intents and purposes, payday loans were virtually unregulated in my state. They were popping up on nearly every corner like Starbucks. My state passed a much debated law that reined them in and prevented the irresponsible action from someone like me occurring and borrowing from more than one lender at a time. (I readily admit that my actions were financially irresponsible). The Payday Lenders fought tooth and nail to defeat the legislation, heavily throwing money at that campaign and lobbying the state legislators. My state didn’t run these lenders out of the state, but, they left voluntarily in droves and moved across the river to Washington state where there was easier prey to trap like me. Thank you for the article.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store