Beware of the many Predatory Lenders (quick cash schemes) that are looking to prey upon you this season.  Payday loans, car title loans, and rent to own.  They prey upon people (often those of low or modest income) who need cash quickly or find themselves in desperate financial need or just trying to have a nice Christmas holiday.  Just take a look at this advertisement for a payday loan.

Hot green MONEY 

“Do You Need Cash Fast?
Get an immediate payday loan from $100 to $1,000 in less than 24 hours!

Borrow Against Your Next Paycheck! It’s Easy to Qualify!
No Credit Check Required! Apply Online! It’s Never Been Easier!”

It costs you less to get a payday loan than it does to pay overdraft fees when you bounce a check. The cost is far less than the price of losing your job if you can’t get to work. The fees vary and are determined based on the information you provide on your application. It’s emergency cash when you need it and that is exactly what cash advance loans are for. They save you the headache of being stuck in a bad spot between paydays. Your cash will be wired to your bank upon approval!

Repaying your loan is just as easy and convenient as securing the loan. The loan amount plus fees will be drafted from your bank account on your next payday. If you can’t come up with all of the money, we will allow for a loan extension and deduct just the loan fee. When you are ready to repay, your loan plus fees will be deducted from your bank account.

If you cannot pay your cash advance back on your next payday, it’s okay. We automatically renew loans for our online customers, so if you don’t have the money in the bank, it’s not a problem. We will deduct the fee from your bank account and you can pay your loan back including additional fees on your next payday. Don’t worry – you can get as many payday loans each year as you want!

What they don’t tell you in the advertisement: The Annual Percentage Rate (APR) on a 14-day loan is 780%, which is $30.00 per every $100.00 borrowed. Additional fees will apply if your loan is renewed. You can do the math and see where that kind of loan can land you.


If you fail to meet their terms, the company threatens to prosecute you criminally for writing a bad check even though it knew you had insufficient funds in your account to pay the check and you paid them a payday loan fee.