Predatory LendingMajor Banks Stop Offering Payday Loan-Equivalents: Deposit Advance Loans Posted on January 17, 2014 by Jeff Sovern The Wall Street Journal has the story here. Jeff Sovern Is the Crisis in Legal Education Like the Foreclosure Crisis? Paper on Formal and Informal Sanctions in Consumer Protection
0 thoughts on “Major Banks Stop Offering Payday Loan-Equivalents: Deposit Advance Loans”
Dear Mr Sovern:
I have been mulling over a possible way to help people who need a short term pay-day loan of moderate amount, along with those who do not have a bank account to cash a paycheck.
There is so much abuse and fraud in most so-called charitable organizations from the small ones to the largest that I stopped giving period. I am not wealthy but I would be willing to help bridge a few people over without any charge attached.
Furthermore, if this works, I would try to encourage others to do the same thus creating a network of genuine help for those who need it without any financial loss on their part.
I am aware that there is a risk of default but if the short term sums are kept at a moderate level and a person who defaults is denied further help; it would not be worth it for anyone to do so.
If you can spare the time, may I have your opinion on this idea?