Payday Loan Lenders Prey on Elderly; What Can You Do to Help?
By J.J. CameronPayday Loan Writer
What demographic do providers of payday loans NOT focus on?!? Naturally, these lenders try to make money off anyone they can - military men, African-Americans, anyone in need of a cash advance.
As the following question and answer section from The Daily World depicts, no faxing payday loan companies also prey on elderly clients …
Q. Our older neighbor mentioned that she goes to one of those pay day loan places every month a week before her Social Security check arrives. Seems to us that she’s wasting a lot of money and is kind of trapped. Are there organizations that can help her so she doesn’t waste so much money this way?
A. The use of no fax payday loans has increased to epidemic levels. People are pulled into these cash advances by the appeal of quick money and what seems like a small fee. But the fees can actually result in some very high interest rates.
Seniors on low, fixed incomes tend to use these payday loans as a means of paying for prescriptions or meeting monthly living expenses. If you know someone who has gotten into payday loan trouble, take immediate action.
If possible, family members should help pay off the cash loan. If that’s not possible, a financial adviser can assist in establishing a budget that will continually lessen the need for such personal loans until there is no longer a need for them at all.
