Appearing in USA Today on December 20, 2024, Greta Cross talks to NCLC Associate Director Lauren Saunders about companies like MoneyLion, a “new breed” of fintech payday loan companies.
“We see a lot of these predatory lenders that offer loans that can be the equivalent of 300% APR, but they wrap themselves in all sort of sugarcoating. Offering the sweepstakes and something like that to get the excitement of young people is just a way of drawing people into debt-trap loans that increase overdraft fees and put them behind in their financial goals.”
Lauren Saunders, associate director of the National Consumer Law Center
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