I took out a loan from Advance Financial in 2016 to pay unexpected medical bills. I felt ashamed but shouldn't have: hundreds of thousands of Tennesseans do the same annually. I was lucky and paid mine off. 110,000 Tennesseans get trapped in exorbitant interest rates and have been sued by Advance. - ThreadSky

jhollymc.bsky.social • 25 days ago

I took out a loan from Advance Financial in 2016 to pay unexpected medical bills. I felt ashamed but shouldn't have: hundreds of thousands of Tennesseans do the same annually. I was lucky and paid mine off. 110,000 Tennesseans get trapped in exorbitant interest rates and have been sued by Advance.

Reposted from Tennessee Lookout

Commentary: The buck stops here - Accountability reporting on payday lenders in Tennessee. "What good is a loan, held out as a means to get by, if it doubles or triples in cost? How does it benefit a desperate borrower in the short term if the long-term consequences follow them for years?"

Comments

demps.bsky.social•25 days ago

What a bullshit system!

vg-plus.bsky.social•25 days ago

This and the debt consolidation/relief companies infuriate me. I remember hearing Liz Warren tell the story of how she first met Obama and his first words to her were “Predatory lending!!!” I knew right then that he was my kind of guy.

erinfor12.bsky.social•24 days ago

If I was a philanthropist I would undercut Advance by doing micro loans for short term periods at radically lower interest rates and use that opportunity to connect people to education and workforce development opportunities.

lisabubert.bsky.social•24 days ago

But Erin, you’ll make so much less blood money that way

ezrahowru.bsky.social•24 days ago

If I was a philanthropist, I would lobby for Medicare for All.

erinfor12.bsky.social•24 days ago

Dang.

jrclemmons.bsky.social•25 days ago

Neither you nor anyone else should feel ashamed for this. But aside from the usury, you also shine a light on another serious issue impacting TN families - medical debt. About 1 in 5 Tennesseans is impacted by medical debt, placing us in top 10 in U.S.

erinfor12.bsky.social•25 days ago

Yes, I wanted to use ARP funds for Metro to buy some debt like other cities had done and it didn't work out.

motherindie.bsky.social•25 days ago

We never pass an Advance Financial without my kids telling me how an ex's partner marched them all into one trying to get a loan but was denied. Apparently she took every one of their free pens on the way out. It left an impression on my kids who avoid that place like the plague that it is.

jhollymc.bsky.social•25 days ago

Whew. Takes a lot to get denied by Advance.

motherindie.bsky.social•25 days ago

Right. I don't even want to know. Bad place preying on people.

benintn.bsky.social•25 days ago

If ever you need help in the future, Bank of Ben is here to help. Thanks for being honest about your experiences. This stuff is never easy and no one should go broke because they're sick.

jhollymc.bsky.social•25 days ago

You are a good friend.

benintn.bsky.social•25 days ago

And not just because I offer you money

jinx-in-tn.bsky.social•24 days ago

Vanderbilt’s online billing system lets you set up a pymnt plan over 10 months. Just did that for $2500-our share of cost of my husband’s knee replacement.
$250/mo=manageable.
No interest.
That said, it’s IMPOSSIBLE to predict what you will pay out of pocket
Estimates they provide are NEVER accurate

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