NEW: More than a dozen borrowers told @tennesseelookout.com‬ and ProPublica that Advance Financial encouraged them to borrow more money after making minimum payments. The lender went on to sue them once they couldn’t pay back the loan. By @friedmanadam5.bsky.social‬ - ThreadSky

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propublica.org • 3 days ago

NEW: More than a dozen borrowers told @tennesseelookout.com‬ and ProPublica that Advance Financial encouraged them to borrow more money after making minimum payments.

The lender went on to sue them once they couldn’t pay back the loan.

By @friedmanadam5.bsky.social‬

Comments

feministx.bsky.social•3 days ago

Financial literacy in this country is tragically scarce... and lays the easy ground work to build predatory companies.

cherylfl.bsky.social•3 days ago

📌

donquixokie.bsky.social•3 days ago

The Bush admin just called. They want their sub-prime mortgage and eviction crisis back.

victorytwin.bsky.social•3 days ago

Predatory lenders

gaileygirl.bsky.social•3 days ago

Predators exist everywhere but really thrive in red states. Take the special needs grocery allowance for some seniors. The ads are relentless and clearly indicate that giving your name and age are sufficient to qualify. BS. If you call and find you're unqualified (likely), they still got your data.

quakerorts.bsky.social•3 days ago

That's why it's called 'predatory lending.'

maggiejuno.bsky.social•3 days ago

Let’s continue tearing down all unsustainable laws!!!

maryhilt.bsky.social•3 days ago

It is preying on the poor hoping they never learn they're being sucked dry.
Between this and payday loans, it's a never ending trap. The rich get rich by destroying the poor.

ep081598.bsky.social•3 days ago

Obama put laws in place to reduce such lending that caused the 2008 crash. TACO bragged about how he buying up properties for pennies on the dollar. He made MILLIONS off the MISERY of people who lost EVERYTHING! He and GQP removed all those protections. Their major donors were ecstatic!

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