One of these things is not like the other…
July 31, 2008 | media coverage | Comments (0)In a Miami Herald article that details the rise in “scammers targeting the financially troubled,” there is a passing swipe at payday loans that is so deft, Payday Pundit almost missed it. Almost:
Older, younger and poor people and those with disabilities are the most affected by the scams, according to the federation’s survey.
They’re victimized most often by mortgage fraud, foreclosure scams, Internet fraud, high-interest payday loans and shoddy construction work.
Isn’t that a neat trick? In the first sentence the reporter talks about scams affecting poor, young, and disabled people. In the second sentence the reporter lists these scams — except one of those things is payday loans, which are legal. Guilt by association, though, right?
No one at a CFSA member payday loan business is trying to steal a customer’s mortgage payment, steal their house, steal money through the internet, or trick them into paying for a poorly-built addition. Payday lenders are in the legal business of offering customers short-term loans at reasonable rates. This practice is still legal in a majority of states, including Florida. The last time Payday Pundit checked, Miami was still part of Florida.
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