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With an incredible number of Americans unemployed and dealing with pecuniary hardship during the COVID-19 pandemic, pay day loan loan providers are aggressively focusing on susceptible communities through internet marketing.
Some specialists worry more borrowers begins taking out fully pay day loans despite their high-interest prices, which took place throughout the financial meltdown in 2009. Payday loan providers market themselves as an easy monetary fix by providing fast cash on the web or in storefronts — but usually lead borrowers into debt traps with triple-digit interest rates as much as 300% to 400per cent, claims Charla Rios associated with Center for Responsible Lending. Continue reading High Interest Cash Advance Lenders Target Vulnerable Communities During COVID-19