Why Fire Payday Lenders?
Why Fire Payday Lenders?

Although payday lenders are notorious for ripping off borrowers, millions of Americans rely on them to help cover their expenses.

Google is banning payday lenders from advertising to protect users “from deceptive or harmful financial products.” To its credit, Google has also banned other categories of ads such as those for explosives, guns, tobacco products and recreational drugs.

How infected are we?

Incredibly, 2.5 million American households use payday loans annually. This results in about $8.7 billion in interest and fees every year.

The loans are used by those with limited incomes, who then become trapped in a cycle. Many take out new loans to pay off old ones, resulting in substantial fees and interest that far exceed the amount borrowed.

You should know that there are now more payday lending storefronts in America than there are McDonalds and Starbucks combined. The average payday loan results in $520 interest for $375 credit.

In California, more than 76% of all payday loan fees come from borrowers who took out seven or more payday loans per year.

Our firm has been handling personal injury cases throughout the California Low Desert and High Desert communities for over 30 years. With a 95% success rate, the California personal injury attorneys at Walter Clark Legal Group will fight to hold those responsible for your loss accountable and win compensation to cover medical bills, lost wages, and pain and suffering. If you have been injured and want to discuss your legal options, contact us today for a free consultation with an experienced personal injury lawyer. We have offices in Indio, Rancho Mirage, Victorville, and Yucca Valley and represent clients through the entire California Low Desert and High Desert communities.

DISCLAIMER: The Walter Clark Legal Group blog is intended for general information purposes only and is not intended as legal or medical advice. References to laws are based on general legal practices and vary by location. Information reported comes from secondary news sources. We do handle these types of cases, but whether or not the individuals and/or loved ones involved in these accidents choose to be represented by a law firm is a personal choice we respect. Should you find any of the information incorrect, we welcome you to contact us with corrections.

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