Loan Employees Admit Preying On The Poor
Some Stores Can Make As Much As 500% Interest
Payday loans. They’re either a quick cash solution when money’s tight, or a business that preys on the poor. Here’s what three employees in the industry had to say:
- Bill Harrod was a payday loan manager for 10 months and says he was trained to target a specific community. Bill Harrod, Former Payday Loan Manager: “My company was deliberately targeting minority people for a continuous loan process that they would never, ever get out of.”
- Cameron Blakely, Former Payday Loan Store Manager: “Our borrowers were like indentured servants. They work, they work, but each payday we claimed a piece of their paycheck. Every paycheck.”
- Mike Donovan, Former Payday Loan District Manager: “The average Check ‘n Go customer in Washington, D.C. is continuously in debt to the company for over a year. We train our sales staff to keep customers dependent. The repeat borrower is vital to our business model.”
