Senior Citizens Protected Against No Credit Cash Advance Payday Loans – CFSA Creates Rules for Bad Credit Loans
Posted on | July 26, 2010 | No Comments
The CFSA has created rules to protect senior citizens when it comes to no credit check cash advance payday loans. The Community Financial Association of America recently released a statement showing support of the new rules and regulations of firms who are protecting social security recipients.
There is a practice in the bad credit payday loan industry that lenders will access bank accounts of those who receive social security benefits. The board chair of the CFSA that she knows of zero payday loan companies that participate in this practice and she and the CFSA support and regulation to stop this particular practice.
Lynn Default, the board chair of the CFSA, made the following comment, ““Citizens receiving government benefits are among the most vulnerable members of society. We agree with the consumer groups that the Treasury Department should stop banks from giving lenders access to bank accounts through these sub-account arrangements.”
Author: Heather Best
Tags: bad credit loans > bad credit payday loan > cash advance loans > no credit loans senior citizens > payday loans > payday loans senior citizens > senior citizens payday loans
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