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 article proceeds to describe the greed of some 'payday loan' firms and the shenanigans they and some banks go through to circumvent the law.
Talk about greed? 180% is a low interest rate for these people. Talk about circumventing the law? They make deals with banks who accept Social Security direct deposits and immediately send them to the vultures. Talk about preying on people? Many of these firms have offices very close to low income housing for seniors and the disabled.
How's this for a measure of the integrity of these firms? The law says that creditors cannot seize Social Security, disability and Veteran's benefits to pay a debt. That doesn't matter to these bastards who sue loan recipients who fall behind in their payments; they even threaten criminal prosecution.
What a sad, sad story! Let's hope that this article spurs action to rectify this disgusting situation.
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