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Florida Banks Backing Payday Loans
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Florida Banks Backing Payday Loans

Florida is now following suit with many other states with the latest news stating "Florida banks backing payday loans."

This is something of a trend lately around the country and it seems to be growing. With so much potential for huge profits and a never ending flow of clients this industry seems to just grow and grow, all at the expense of the borrowers.

Major U.S. Banks?

Yes, major U.S. banks are now making a play in this industry, and it seems the only way for the average person to do anything about it is to refuse to use these banks.

Both Regions and Third Fifth banks in Florida are now offering short term payday loans. Neither of these banks are based in Florida, but they have been very active there in the payday loan type loans to people who really should not be borrowing any amount of money.

These banks think that by calling them short term instead of payday loans they will be able to convince people that they are legitimate loans, instead of what they truly are, nothing but legal thievery.

Boycott these banks?

Many people are, and I would expect more and more to join in on the movement as more and more people are informed what their banks are backing.

Payday loans are traditionally for short term, high interest cash and they need to be paid back in full on their first due date, but rarely does this happen. Now, with major U.S.banks getting into the picture, there seems to be no end to these types of loans.

What to do?

Many people are either not using these banks, or closing their accounts in protest of this kind of activity. While this will send a message, the best way to combat these kinds of loans is through the legal system.

Getting hold of your congressmen and letting them know it is time to put an end to this kind of insane behavior is a good place to start.

What if I am already trapped?

If you have found yourself in payday loan debt and do not know what to do, take a deep breath and know there is help available. Get hold of a payday loan consolidation company and get them working on setting you up with a payday loan repayment plan. You can beat these banks!

These plans work and they will take the collection heat off of you.

I hope this information will help you make healthy decisions when thinking of using these companies!

Please feel free to share this article and leave any questions or comments below!


Street Talk

You're right, Ivy....backing these shark-like payday loan operations allows the major banks to bypass and skirt regulatory measures like Dodd-Franks, keeping more of our money in their pockets. Big time. Another great article, Shawn. I assume your cape and tights were at the cleaners the day your profile pic was taken?

Reply
  about 5 years ago

LOL, I just can not seem to find a phone booth to save my life....... :P

Reply
  about 5 years ago
Sherry B.  

Very good advice, Shawn! It's such a shame this is happening and continuing to happen. I didn't realize that some regular banks are doing this too now. Thanks for sharing!

Reply
  about 6 years ago

Thanks for reading!

Reply
  about 6 years ago
Ivy Glenn  

I had no idea this was happening; We used to have our mortgage through 3rd Fifth, and when we refinanced, they gave us very misleading information that ended up costing us quite a bid. I harassed them for a month before they made it good with us. Looks like the Dodd Franks bill is not going to protect us at all if they can do this.

Reply
  about 6 years ago

Seems they can just about do whatever they want. Glad you at least got them to make it right!

Reply
  about 6 years ago

Great article Shawn, thank for sharing.

Reply
  about 6 years ago

Thanks Alfred, thanks for reading!

Reply
  about 6 years ago
Anna Ware  

Crazy that is what it is. You said it @SteveMcWilliams. Good article.

Reply
  about 6 years ago

Hopefully it will not get too much more crazy. Thanks for reading!

Reply
  about 6 years ago
Kymee  

Kinda reminds me oh Joseph in the bible when there was a famine and drought, He helped people but then he ended up with the property. He didn't cause it but....

Reply
  about 6 years ago

Funny how things can turn out!

Reply
  about 6 years ago

Banks seem to have 1 goal and 1 goal only. That is to turn your money into their money!

Reply
  about 6 years ago

Boy, you said a mouthful there!

Reply
  about 6 years ago

I know a few who`ve "been in the red." It really wore on them, so much their entire personalities changed to be more bitter! What a bunch of vultures.

Reply
  about 6 years ago

The stories I hear would make a blind man see. Thanks for reading!

Reply
  about 6 years ago
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