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High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19

High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19

With an incredible number of Americans unemployed and dealing with hardship that is financial the COVID-19 pandemic, payday loan loan providers are aggressively targeting susceptible communities through web marketing.

Some specialists worry more borrowers will begin taking right out pay day loans despite their high-interest prices, which occurred through the crisis that is financial 2009. Payday loan providers market themselves as a quick monetary fix by providing fast cash on line or in storefronts — but often lead borrowers into financial obligation traps with triple-digit interest levels as much as 300% to 400per cent, claims Charla Rios associated with the Center for Responsible Lending.