Immigrants and Payday Loans

Morgan Community College is one of the colleges that is putting its best foot forward to raise awareness in the community about payday loan scams.  Millions of people each year are left in debt when they take out one of these short term loans.  Many times there is a lack of knowledge when it comes to consumer payday loan lending.  Immigrants are one of the categories of society in which some payday loan lenders prey.  This community college enrolled the help of the Better Business Bureau to help teach immigrants and others about the ups and Downs to payday loan lending.

This area tends to have lots of social programs intended for people of lower social income and immigrants in order to bring knowledge to the community so that they do not fall victims to payday loan scams.  This session helped to particularly notify immigrants about the resources that are available to them, where they can find them and how to access them without being taken advantage of. 

Many of the people who fall victim to payday loan scams include immigrants, senior citizens, and military personnel.  The Better Business Bureau sets out to help society from falling prey to poor payday lending practices and gives people the resources necessary to find jobs and help themselves to get out of debt and to manage their personal finances.  They told attendees about how they can look up any payday loan lender and see how well they rank in their system.  They have rankings from an A+ all the way to F.  The BBB can also help as a third party to resolve problems and to come to for counseling.

The Number one scam that immigrants should be on the lookout for are ones where lender;s ask potential consumers to wire or send a certain amount of money to them.  This is normally referred to as an advanced fee loan, which are illegal.