The COVID-19 pandemic, job loss, and inflation has forced many people to turn to payday loans and lending when in a pinch to makes ends meet. But, at times, with those comes scams and predatory lending.
“What’s going on the past couple of years just kind of added gasoline to that fire,” Alex Derencz, Communications Manager BBB Serving Central & South Alabama, said. “Again a lot of folks have found themselves in tough situations.”
Payday loans are nothing new, and Derencz said they aren’t always a quick fix. He said it is crucial for people to understand the numbers behind loans to avoid getting caught in a worse financial spot than they originally started with. “Scammers, one of the things they take advantage of is they thrive in times of need,” Derencz said. “Whether there’s a certain product people need, or whether people are just in need in general. One of the things this study found is that they’re preying on the precarity of individuals, and a lot of times folks are going to Google and doing searches for these types of loans, and running into bogus websites or just bogus organizations.
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