Predatory Lending [Pay Day Loans] In America

[Ethics]

*Has profanity and Non-Hijab women....

 

I am seriously loving his videos. So much we have never known. This is about the scam of loaning of which constitutes more locations around the US than Mcdonalds!!! Do not go to pay day loans!

 

'Payday loans put a staggering amount of Americans in debt. They prey on the elderly and military service members. They’re awful, and nearly impossible to regulate. We’ve recruited Sarah Silverman to help spread the word about how to avoid falling into their clutches.'

 

Edited August 12, 2014 by PureEthics

[Ibn al-Hussain]

(salam)

One of my personal clients during the time I used to work full-time was Money Mart, so I got to see first-hand how payday loans were nothing but a money-grabbing scheme from individuals who are usually already poor and living pay-cheque to pay-cheque. A business model which fits and runs smoothly in a capitalistic society.

 

Wassalam

Edited August 12, 2014 by Ibn al-Hussain

[David66]

^ Hello,

 

Very true.  A business model built on exploiting  people.  Capitalism without an ethical component is a very destructive thing.  In the US, government regulations are supposed to supply this "ethical" component.  But, the process can get bogged down and corrupted.

 

There are many laws against "usury," making loans intended to unfairly enrich the lender.  But, these payday shops find ways around the laws.  And, they claim they are making loans to people with such poor re-payment histories that no one else would lend them money.  Which, is often true. 

 

All the Best,

David

[aliasghark]

In case the YouTube video doesn't play in your country (as it didn't in mine): 

 

http://www.dailymotion.com/video/x23asf4_last-week-tonight-with-john-oliver-predatory-lending-hbo_fun