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Old 05-27-2014, 10:17 AM
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Hackers, Payday Loans and Superheroes

In researching data and articles about Panda 4.0 (read.. procrastinating because I've only had 2 cups of coffee and I don't feel like writing yet.) I came across this article about payday loans because google has been targeting this sector.

Working with lower-rent tenants in my prior life as a property manager, I've seen first hand the effects of rent-to-own and payday loans on the financial lives of folks who are preyed on by these types of services.

I never guessed how dark the internet side of the payday load businesses were. Extortion, fraud....

This is an incredibly fascinating article. Please read and share your opinions.

https://medium.com/matter/f4a5d98a4f51

The plight of the woman referred to as Jennifer is interesting - it's like she fell into a drug ring or something.
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Old 05-27-2014, 11:15 AM
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It's bad enough how destructive actual payday loans are without having the same info used to defraud people for loans they didn't take. The day we ban payday loans can't come fast enough.
 
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Old 05-27-2014, 11:46 AM
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No kidding.

Of all the things to regulate, how is it that this industry even exists?

At least google is trying hard to shut them their access via the SERPS.
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Old 05-27-2014, 12:35 PM
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Lobbying. These payday loan companies are flush with cash and they are often owned in part by larger businesses with even more lobbying influence. That's certainly the case here in Texas. Certain cities have even tried to ban storefront payday loans and that has been somewhat successful. The measure failed in Fort Worth but that's not too surprising. Cash American is a well connected operation in the city and they have some payday operations.
 
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Old 05-28-2014, 11:19 AM
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Great article find. Payday loan is truly a disgrace. It really shows how vain some companies are. Some people are at a vulnerable state, needing the money to protect their family so they usually just go ahead and sign a contract for a loan. I remember seeing the company's ad on television with small lettering of percentages (i.e. 350 percent). I feel bad for those who believe that this is their only way out.
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