Online Resource of the Day

by Chris Sturr | November 14, 2007

Dollars & Sense readers and supporters will find the PLA website most informative.

The Predatory Lending Association mission: To help predatory lenders extract maximum profit from the working poor and retired poor with payday loans.

The predatory lending industry: In the last 10 years, payday loan stores have gone from being illegal to outnumbering Starbucks™ coffee shops in many states.

Predatory LendingMaximum profit: In 2006, American families spent one in seven of their take home dollars on debt payments1. The Predatory Lending Association is the only organization dedicated to helping you capture these dollars.

Become a member of the Predatory Lending Association

The Predatory Lending Association is not related in any way to the Association of Predatory Home Lenders (APHL), which focuses on the home mortgage industry. And while we are partners, we remain separate from the Society for Credit Card Fee Maximization (SCCFM), the Association of Predatory Money Managers (APMM), and the Society of Predatory Mutual Funds (SPMF).

The PLA website is chock full of resources, including its Military Loan Finder , Working Poor Finder, and Racial Profiling Tools.

(via P6)

3 comments

Comments (3)

  1. This site you are trying to get people to take notice of is a fake! The fact that you are promoting a fake site that is complete satire makes you as bad as the scum that created the site to fight dirty against this industry! I have had my ass saved by the occasional payday loan and it is a respectable service for those that use it wisely. The idiots that missuse it and then cry about it do so on their own. There will always be the borrower who is just trying to score their next bag of weed or get money to drink on, but what about the person that is about to have a couple of small checks hit the bank and because of an accounting error they made by accident, their bank is going to charge them $34 for each check and then demand that they cover this fee by the next day? (What’s the APR on that 1 day loan?) What about the senior on welfare that needs a prescription not covered by their Medicare? What about the working single mother that is about to have her electric shut off in the middle of December? There are reasons that the service serves people for the good. There are also people that will abuse the system and get themselves in debt. People that don’t think. But that doesn’t mean that we need our government to think for everybody! Don’t take away what for some is the only option available to them! In a free country, people are free to do good and bad. Free to do smart things and stupid things. That is the price of freedom. The government needs to keep their noses out of the business of American people!

  2. Hi anonymous.I think the site is obviously a satire. My comments about it were made tongue in cheek. I don’t have time to respond at length right now, but I’ll be back later…

  3. This is way out of payday loans territory; these numbers are staggering. Washington Mutual was bought out by J. P. Morgan Chase in the largest bank failure in history. WaMu disclosed debts of $8.1 billion and assets of $32.8 billion. Customers withdrew $16.7 billion from WaMu within a span of eight days, which forced WaMu into a serious “liquidity crisis.” According to Wikipedia a liquidity crisis “occurs when a business experiences a lack of cash required to grow the business, pay for day-to-day operations, or meet its debt obligations when they are due.” J.P. Morgan paid $1.9 billion for the Washington Mutual acquisition in an FDIC auction. J. P. Morgan, not the FDIC, will chart WaMu’s course and determine its future. The FDIC would have had to pay billions to WaMu’s customers, which some feel would have drained the FDIC funds to dangerously low levels. J. P. Morgan Chase assures customers that business will continue as usual, but with more bank failures mounting on the horizon, how long can we maintain normalcy? Payday advance is so small in comparison.

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