PredatoryLendingAssociation.com is a clever parody site mocking payday loans and the efforts of groups like the The Community Financial Services Association of America (CFSA), a lobbying group that tries to make the loan sharks look like respectable financial institutions.
Purporting to be a resource and awareness destination, the site contains such tips as “how to buy off a non-prof” to give your business the veneer of community support. A “testimonial” on the sidebar reads, “Even though I paid $800 in fees, the customer service representative was very professional.” One section debunks various “myths” like, “It is unethical to charge a poor person 100 times the interest rate a rich person would pay.”
We highly support The PLA and eagerly await for our membership to be accepted.
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Hmmmm….
Their “PoorFinder” Google mash-up recommends putting a pay-day loan center across the street from my house…
…it puts one about two blocks from my house… Nice!
I’ve found that “respectable” financial institutions are loan sharks also.
All the proposed locations in my neighborhood are on the other side of the river.. I knew putting that thing there was going to be a good thing. Yeah God!!
lol. Only poor people (read: me) read consumerist.
Interestingly several countries including Canada regard anything exceeding 60% APR as a criminal interest rate.
Advance America = 391% APR national average
Money Mart = 266% to 912% APR
LOL@ the poorfinder.
There is one payday loan & one title loan shops in my town/city (which is a pretty decent place to live for its size). (and one gun shop… its a nice shop btw… I have been there).
I truely despise payday loan places. Just pure evil IMO.
ha ha! “…a lobbying group that tries to make the loan sharks look like respectable financial institutions” ha ha!
Please name one.
all they need is Gary Coleman to top off this site.
Poor Gary is doing advertising for CashCall…
@ironchef: Gary coleman is only doing the ads because he is just a little short.
Sorry, it was there. I had to take it.
I love the discussions part. You’ve got to read the ones from some Mafioso type named “Tiny Genitalia”.
The site is, of course, satirical, however, there’s “more truth than poetry” within its messages.
I honestly feel that payday loans exploit those most vulnerable.
At the nearest location to my house that the poor finder recommends a lending center, there actually is a paycheck advance lending center.
@IRONCHEF because Gary needs to pay off all his rolled over cash calls.
When I mistakenly overdraw from my checking account, I get whacked with a service fee as well as APR on the overdrawn amount. Additionally I pay an annual fee for the “overdraft protection”. I”m going to add up all the costs I’ve incurred when overdrawing. I”ll bet it will make the payday loansharks look like a humanitarian organization.