Comloansavoid-the-dangers-of-car-title-loans. htmlaxzz3zhpCrDsG FAQs Texas Fair Lending Alliance. Accessed February 17, 2016 https:www. texasfairlending. orgresourcesfaqs Walsh, Ben. Texas Is Throwing People in Jail for Failing to Pay Back Predatory Loans. Huffington Post. December 29, 2014. Accessed February 17, 2016.
Payday lending, whether its online or storefront, is designed to get borrowers in for what they expect will be a quick fix to a financial problem, but will instead keep them in long-term, high-cost debt that will destabilize them financially and set them back substantially, said the Center For Responsible Lending's Ellen Harnick.
When borrowers cant make payments, they often repay the loan they couldnt afford in the first place by taking out a new loan, a practice called churn. According to the Center for Responsible Lending, churn accounts for 76 percent of all payday loans. In states that allow payday loans, regulators license lenders and set limits on how much money borrowers can receive, how often they can take out loans and what the interest rates can be. Online lending operations like Plain Green are subject to none of those restrictions.
For all of its problems, storefront payday lending at least occurs cash loan company nashville tn a system of state licensing, Nick Bourke, a payday lending expert at the Pew Charitable Trusts, told HuffPost.
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