If you have used a payday lender before, you know they charge far more than they should. In fact, too many payday borrowers are hit with triple-digit interest rates and charged excessive fees.
Worse yet, the reason people turn to payday lenders is to avoid writing bad checks or paying overdraft fees. Unfortunately, they often end up paying both when the bank refuses to block payday lenders from accessing their accounts, resulting in the banks charging more overdraft fees.
To skirt state usury laws, unscrupulous payday lenders operate in states where lending regulations have less bite and enforcement. They also do business from overseas. Low-income and minorities are often the ones who are targeted and exploited the most.
If you need help managing your money, or are just looking for guidance and an account that can help you get on the right track, come to talk to Members 1st. We care about you and will do our best to provide you with the direction and services that have your best interest in minds.