That Burns My Biscuits

Published 8:16 am Tuesday, October 15, 2019

A couple of weeks ago we talked about the high costs of medicines. Last week, we discussed the money grabbing advertisements that say “free” trials, yet none of them are free as you have to pay for the product if you decide to keep it and then you must order it more for 12 months.
It seems like they are all out to get your money, right? They’re not the only ones! One of the worst practices is payday loans; they are targeted toward the poorest of the poor and charge interest that is so high few can ever catch up on their payments. According to the Consumer Financial Protection Bureau, payday loans are short-term cash loans based on the borrower’s personal check held for future deposit or on electronic access to the borrower’s bank account. Borrowers write a personal check for the amount borrowed plus the finance charges and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans. All one needs to get a payday loan is an open bank account in relatively good standing, a steady source of income and identification.
Instead of copying their information word for word, I will give you places to look so you can learn how these loans work, and I guarantee these companies do not have your best interests at heart. They are called “predatory lenders” for a reason, remember that.
The Consumer Financial Protection Bureau is a good place to start; just type it in your browser search tool and you will find everything you need to make an informed decision about using these types of “services.” I also found information at Then, you can write the Tennessee Department of Financial Institutes at 312 Rosa L. Parks Ave., 26th Floor, Nashville, TN 37243 or call them at 615-741-2236.
If you are one who understands the old saying, “The poor get poorer,” then you need to access this information because these loans are designed to get all the money they can before they are done with you. This may be a very long time with you shelling out your hard earned money because you cannot ever “catch up” with these loans if you are late just one time.
Short and sweet today folks. I hope the information I have provided for you to look up about how these loans work and if you need to use their services. It may be that they can actually hurt your finances instead of helping you in any way.
Go get ’em! You are in my prayers,

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