Predatory payday lenders hit a new low

They’ll probably outdo on their own once again soon. Heck, you can bet the owners of some bottom-feeding, high interest loan company in eastern North Carolina are having a meeting in which they’re discussing how to market their “product” to hurricane victims as you read this.

Having said that, this tale from latest version of Education Week defines a fraud that will be hard to top.

It states that the lending that is payday — those fun folks who make bi weekly loans for their struggling other citizens at 200, 300 or 400per cent interest — are actually pressing their rip-off on moms and dads of young ones heading back once again to school.

An Education Week analysis discovered dozens of articles on Facebook and Twitter focusing on parents who may need a “back to school” loan. A few of these loans—which are signature loans and that can be properly used for such a thing, not merely school supplies—are considered predatory, specialists state, with sky-high prices and fees… that are hidden.

“Back to school costs perhaps you have stressing?” one Facebook advertisement for the company that is tennessee-based Financial 24/7 read.