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At first I said: \"C'mon Consumerist, pony up the big bucks, I'm looking forward to a summary of this \"webinar.\" Then I read this, from the website: \"This educational event is open only to payday advance companies. CFSA reserves the right to decline registration to companies or individuals upon its discretion.\" They're on to you!
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they target whoever is poor and the least adept at properly managing their finances.
that may or may not be a \"minority group\" in depending on location.
most of them here in Alaska seem to be focused towards crackers. and where i live it is only a bit over 66% white. far more diverse than many many many places... yet all the ads i have seen focus on 100% on hillbilly tundratrash.
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I have to agree that all payday loan centers target whomever is poor, regardless of color. The sad fact is that in most cities, many of the poor are minorities.
However, the bulletpoint does highlight a rather shady practice of loan sharks approaching community groups as wolves in sheeps' clothing. I am skeptical how a \"mutually beneficial partnership\" can exist between a loan shark and a debtor.
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this is just another example of a predatory business acting with no regard or care for anything but it's bottom line.
much like the car title loan outfits that have been advertising on TV in the Boston area, they are out to hurt, not help.
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Its obvious that these lenders target the weaker part of society especially low income group and people with bad credit history. But i think that there is nothing bad in it as the people of this society generally depend upon churches for their cash needs. If these lenders are ready to provide them instant cash then i think it is a good news for these people.
This is very, very disgusting and disturbing. Read Gary Rivlin's Portrait of a Subprime Lender:
http://www.huffingtonpost.com/gary-rivlin/portrait-of-a-subprime-le_b_602182.html
His article truly highlights one payday lender's attitude towards minorities, W. Allan Jones of Check Into Cash and Jones Management.
What a bunch of predators. \"Mutually beneficial partnership\" my as@.
You don't have to look hard to know who they target. Look at their locations. They are always in the low income neighborhoods and outside of military bases.
But then this? Just disgusting.