It is a sad day when you can not trust your bank not to be one of the major U.S. banks who are now payday loan backers.
Seems every day you read another politician is waging a war on these companies, but yet they still keep growing to the point that now major U.S. banks are making a play for a piece of the business these companies generate.
Here is where I need to be a bit careful and tell you readers that it is very simple to search the web and find out which major us banks are doing this. Because I take the payday loan industry very seriously and call them on their behavior daily I must be careful how I might word an article like this.
Rest assured, there are lists out there and you might be surprised to find your bank on it. If you do will you still keep doing business with them? This is where we will find out who really cares about people being taken advantage of in this country.
Why should I care?
I can hear some of the arguments now. ” Why should I care? I do not use those services, and people who do get what they deserve.”
Try to keep in mind these people that do use them are probably related to you and even if not the hit on our economy because of these money pits will be felt by you on a daily basis, whether you realize it or not.
What is the real point?
The real point is what is fair and what is not fair. Why should the banks you do business with expect you to be on the up and up, follow all of their rules, and pay all of their fees, fees they really are already exploiting, while at the same time these same companies are backing payday loan companies who are doing business illegally?
Many of the companies backed are not following the laws of any given state, especially the online companies.
I guess I just wanted to spout off a bit over what I feel is bad business for the average American. I know I am in the business of payday loan consolidation and I should be grateful these companies exist so I can have a job to do, but I just can not see it that way.
As long as they are out there, we will be too, and we look forward to the day they put us out of business. Remember, the only way they can do that is to stop giving payday loans, and we could live with that!
Are you going to go check your bank?
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