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Senior Citizens and the Dangers of Payday Loans

Written By diana pagina on Tuesday, May 7, 2013 | 7:07 AM

There can be great benefits to taking out a payday loan, especially if the loan is one that can be easily repaid and the borrower has a plan for how to do so. Yet unwise borrowing can put a senior citizen in a terrible trap. Elderly borrowers must be aware of the current situation before they hastily borrow money for a payday loan.

While payday loans can cover medical expenses, groceries, or utility bills, senior citizens must be wary of payday loan sharks that are out to catch them. Studies show that payday lenders often conglomerate near government-subsidized housing, particularly for seniors and the disabled.

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