Storefront, payday lenders are
WHEELCHAIR ACCESSIBLE
SOCIAL INSECURITY
High-Interest Lenders
Tap Elderly, Disabled By ELLEN E. SCHULTZ and THEO FRANCIS
February 12, 2008
DOTHAN, Ala. -- 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 crowd represents the newest twist for a fast-growing industry -- lenders that make high-interest loans, often called "payday" loans, that are secured by upcoming paychecks. Such lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran's benefits. "These people always get paid, rain or shine," says William Harrod, a former manager of payday loan stores in suburban Virginia and Washington, D.C. Government beneficiaries "will always have money, every 30 days." MORE OF STORY
Center for Responsible Lending
http://www.fdic.gov/regulations/safety/payday
http://www.pliwatch.org/
http://www.bankrate.com/brm/news/chk/19980217.asp
http://findarticles.com/p/articles/mi_qn4182/is_19990223/ai_n10125583
http://www.consumersunion.org/finance/paydayfact.htm
http://www.tnca.org/consumerprotection
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