Predatory lenders are everywhere, and in this difficult economy where people are more desperate for money it's easy to fall prey to their loans. As unsavory as the industry may be, these lenders are simply filling a niche. You can draw parallels with the sharks in the sea. Here is a brief introduction to the industry and a few tips to help you avoid the sharks of the financial world.
Explore Financial Planning
©2012 About.com. All rights reserved.
A part of The New York Times Company.
As an Orlando Fair Debt Lawyer, part of my job is to keep the shark population under control. Clients frequently share their horror stories of collection agencies threatening to have them arrested for “check fraud” arising from defaulted payday loans. The national banks abandoned minority neighborhoods and they now finance the payday lenders who have moved in to provide “alternative banking” services.