Al Ripley
“This is potentially moving the payday loan transaction from the payday-lending shop to the grocery store.”
Consumer advocate Al Ripley attacks supermarket chain’s new deferred payment scheme…
Supermarket chain Bi-Lo introduced a new “BonusPay” system that claims to “Close The Gap Between Paychecks.” It lets customers with a checking account and photo ID get a line of short-term credit on food and other items in the store. Consumer advocates criticize the plan, compare it to payday lending and say that it takes advantage of the poor:
“This is very expensive credit - our concern would be that if people are desperate for food, you run the risk of taking advantage of folks.”
Al Ripley works for the North Carolina Justice Center in Raleigh.
Source: Bi-Lo’s Credit Defers Food Bill (Myrtle Beach Online)
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