The latest news out of Florida concerning payday loans is the backing of these loans by two major banks.
Regions and Fifth Third banks, both headquartered outside of Florida, are the latest players in the payday loan market.
These two banks have a large presence in Florida and have entered the short term, high interest market.
Alice Vickers, a lobbyist for the Florida Consumer Action Network, displayed great disappointment by this news.
Too many people are getting stuck in these loans, and they are really serving no purpose other than exploiting people.
Business is good
With more and more major banks joining this market, the payday loan business is booming in Florida and many other states.
The high interest rates and huge profits do not seem to be stopping people from taking these loans out, but sure do drive the reality home that they are nothing but legal robbery as soon as the borrower falls behind.
While these banks will state that these are short term loans for people who have bad or no credit, and also a good way to rebuild ones credit, we call them nothing more than legal theft and should be avoided at all costs!
As long as we here at helppaydayloan debt.com have the ability to keep you informed on what to watch out for with these companies, we will continue to do so.
As usual, if you are already in trouble with out of control payday loan debt, please check out our payday loan repayment plan or call us at 1-877-280-5100 for a free no obligation quote on how we can restore some sanity in your financial situation.
I hope this post helps you make a healthy decision when dealing with these banks. Should we do business with banks that back these kinds of activity? I would love to hear your views!!