Attorney General Lisa Madigan
“During the holiday shopping season, consumers are flooded with a deluge of advertisements for payday loans appearing in the newspapers and on the radio… I recently saw a payday loan ad offering free turkeys and another shop is offering free t-shirts that say ‘It’s better than borrowing from your mother.’ The reality is that these loans will take the shirt right off of your back with costly fees and outrageous interest rates.”
Illinois Attorney General Lisa Madigan warns consumers to be wary of payday loan advertisements…
Attorney General Madigan also said that consumers should avoid payday loans because even small loans can quickly snowball into an ‘avalanche’ of debt:
“Illinois consumers need to know that it’s not in their best interest to take out a loan with three-digit interest rates… These lenders make the Grinch look consumer-friendly. The bottom line is that these loans can snowball until they create an avalanche of debt for a consumer who only borrowed a small amount of money.”
Lisa Madigan is Attorney General of Illinois.
Sources:
Madigan Warns Consumers of High Interest Payday Loan Pitfalls (Illinois Attorney General Press Room)
Madigan, Consumer Advocates Urge Consumers to Watch Out for ‘Avalanche Loans’ During Holidays (Illinois Attorney General Press Room)
Recent Posts:
- 07/12/2011: Expanded Contact Info Page
- 06/11/2011: Internet Crime Complaint Center (IC3)
- 05/18/2011: Added Full Contact Info Page
- 05/15/2011: Payday Loan Site Traffic Comparison Update – May 2011
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