4 comments
1neekehurley
1neekehurley

I agree there is a cloak of non disclosure . Some of these acts and laws were designed for small businesses. But the price for the consumer to do business is too risky. You will end up worse off

richards
richards

I think people should also be aware about the terms and agreements when they're applying for short term loans. If they only borrow the amount that they can pay back on their set repayment date, I don't see how a person can get into a huge debt. It's clear that it's only a short term solution to a financial bind, so people should be aware of that before they even sign up for the service.

ClearView
ClearView

If people are having such a hard time with overdrafts or payday loan fees, they’ll continue to flounder until they learn to balance their checkbooks and budget their bills. The last thing they should do it look to Congress for protection, which has repeatedly put the banks first. We need to help each other at the community level with our credit issues, and look to those we can trust.

DuganEnterprises
DuganEnterprises

I think it is important to do your research. Any reputable lender is going to list rates and fees up front on their website. If you are unsure about how personal loans work, do your homework on sites like bankrate.com and wherecanigetapaydayloan.com . An informed consumer stands much less chance of being duped!