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January 9, 2013
by Admin
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Aggressive advertising practices

In May 2008 the debt charity Credit Action made a complaint to the UK Office of Fair Trading (OFT) that payday lenders were placing advertising on the social network website Facebook, which violates advertising regulations. The main complaint was that the APR was either not displayed at all or not displayed prominently enough, which is clearly required by UK advertising standards. To learn more about it please visit http://500fastcash.paydayloansnews.org/ site.

January 9, 2013
by Admin
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Aggressive collection practices

In US law, a payday lender can use only the same industry standard collection practices used to collect other debts.
In many cases, borrowers write a post-dated check (check with a future date) to the lender; if the borrowers don’t have enough money in their account, their check will bounce. Some payday lenders have therefore threatened delinquent borrowers with criminal prosecution for check fraud. This practice is illegal in many jurisdictions. To know more please visit http://500fastcash.paydayloansnews.org/ site.

January 9, 2013
by Admin
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Draining money from low-income communities

Many people who use it are low-income people with few assets because these people are least able to secure normal, lower-interest-rate forms of credit. Since payday lending operations charge higher interest-rates than traditional banks and less commonly encourage savings or asset accumulation, they have the effect of depleting the assets of low-income communities.

January 9, 2013
by Admin
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Exploiting financial hardship for profit

Critics such as the Consumers Union blame payday lenders for exploiting people’s financial hardship for profit. They say lenders target the young and the poor, particularly those near military bases and in low-income communities. They also say that borrowers may not understand that the high interest rates are likely to trap them in a “debt-cycle,” in which they have to repeatedly renew the loan and pay associated fees every two weeks until they can finally save enough to pay off the principal and get out of debt. Critics also say that payday lending unfairly disadvantages the poor, compared to members of the middle class, who pay at most a rate of about 25% on their credit card purchases. To learn more about it please visit http://500fastcash.paydayloansnews.org/ site.