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Payday lender prepaid cards: the worst plastic on the planet?

Posted in: online easy payday loans

Payday lender prepaid cards: the worst plastic on the planet?

Overview

Payday lender cards ‘feature’ a slew of gotchas and fees — even for on-time re payments

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“Anything that’s attributable to an online payday loan business is trouble from the get-go,” claims Kevin Weeks, president regarding the Financial Counseling Association of America, A washington-based nonprofit team.

Pay day loan prepaid cards aren’t just like the gift that is prepaid you select up at CVS or Target, nor like conventional reloadable prepaid cards from nationwide banking institutions. These cards enable payday lenders to get in and grab funds from borrowers accounts that are loan payment dates, and they’re full of high charges.

By having a payday that is regular, borrowers secure that loan ahead of time by composing a check postdated for their next payday, or authorizing its comparable on line.

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