“New type of <debt company> offers <debt>. Now poor people are burdened with <debt>.”
Headline written by someone who sounds like they gained sentience last week
This is a uniquely predatory loan though. If you miss just a couple months of payments, the compounding interest alone surpasses the original loan amount. Meaning you’re rapidly owing $5-10k/month on a $4k loan.
This is obviously meant to create predatory situations where they can either hustle them for a settlement of $8-10k or sell of that debt to collection agencies in a bundle.
Alternatively, they’re structuring it in a way where people are paying the same $400-500/month indefinitely on that loan.
Even the break your ankles sharks of old weren’t this bad…
you dont see a difference between the already predatory 25 percent interest and 100x that?
The company is one of the top campaign donors to Tennessee politicians, having spent roughly $2.5 million since 2014. Advance has also spent over $3 million lobbying state lawmakers over the past decade.
The Hodges have also made roughly $10 million in political donations to federal candidates since 2014, including over $3 million to support President Donald Trump’s campaigns. In a 2019 recording obtained by The Washington Post, Hodges told a payday lending industry group his political donations granted him better access to Trump. Hodges told the Post he was an enthusiastic supporter of Trump and never used his status to ask the Trump administration for help.
A Trump-appointed CFPB director rescinded most of the payday lending regulations in 2020.
More on these Hodges shitstains, including this choice bit:
Hodges declined to be interviewed for this story, opting instead to send a quote from Hunter S. Thompson: “In a democracy, you have to be a PLAYER.”
Piggy quoting Thompson like
Googling
diy debt jubilee tutorial beginnerhopefully not long and evry day i lean closer and closer to doing an adventurism in minecraft
You better not! We’d have to do another mod drive.
Not if he wins
Raskolnikov did nothing wrong
Too long.
It’s ok, the CEO is a woman.
I misread this as “Leaders” but lenders are just as good
We had this in the UK about 20!years ago. It got banned pretty quick.
what should happen to every Tennessee state legislator who specifically enabled this previously illegal type of loan.deleted by creator
