Scam Alert: PayDay Lenders Target Social Security Recipients
"Payday" loans are usually short-term and for small amounts, but
they can cause big problems. Despite their name suggesting a temporary solution for the cash-
strapped to stay financially afloat until the next paycheck, these loans often drown borrowers in debt.
In recent years, payday lenders have been accused of targeting Social Security beneficiaries, whose
monthly checks from Uncle Sam make them especially attractive customers. Many payday lenders
cluster around government-subsidized housing largely occupied by seniors, the disabled and others
getting federal benefits.
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