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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 scores of Americans unemployed and dealing with hardship that is financial the COVID-19 pandemic, pay day loan loan providers are aggressively focusing on susceptible communities through internet marketing.

Some specialists worry more borrowers will begin taking right out payday advances despite their high-interest prices, which took place throughout the crisis that is financial 2009. Payday loan providers market themselves as a quick fix that is financial offering fast cash on line or in storefronts — but usually 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.