The payday loan industry has often been blamed for not looking at the best interests of their customers. Reality check – nothing could be further from the truth. There really is no alternative to these short-term loans, though in recent times, a few alternative plans have come up all over the United States. Most of them have however failed miserably. In contrast, the payday loan business remains a billion dollar industry, serving millions of customers throughout the country.
Here’s proof that there can be no alternative to payday loans
LendUp, a firm from the United States that was offering an alternative to payday lending has been slapped a fine of $6.3 billion after it was discovered that the business was violating several laws between the years 2012 and 2014. It includes a fine of $1.8 million by the CFPB or the Consumer Financial Protection Bureau as well. The California Department of Business Oversight has also imposed a fine of $100,000.
The Accusations Against LendUp and Why Payday Lenders Are Better: