Chris Kukla
“This is really payday lending on steroids… it’s one way to keep trying to put this product out that everyone knows is toxic to consumers.”
Supermarket chain Bi-Lo’s new “BonusPay” system worries Chris Kukla at the Center for Responsible Lending…
The new deferred payment plan lets customers with a checking account and photo ID get a $50 to $200 line of credit at the supermarket until their next paycheck. Consumer advocates attack the plan as payday lending in disguise. Kukla also said:
“The fact that they want to expand this into every single store that sells necessities means all they’re doing is waiting for people at their most vulnerable point and getting them to take on a really expensive loan.”
Chris Kukla is director of state legislative affairs at the Center for Responsible Lending, an advocacy group that lobbies to enact laws against payday lending.
Source: Bi-Lo Cards Likely to Expand (Charlotte Observer)
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