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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