The PREDATORY World of Payday Loans

Video Description

"If it sounds too good to be true, it probably is..." || Thank you to Bombas for sponsoring this video! One Purchased = One Donated, so head to https://bombas.com/cara and use code cara20 at checkout for 20% off your first purchase. 🚨🇺🇸 CHECK IF YOU'RE REGISTERED TO VOTE IN THE USA: https://www.vote.org/am-i-registered-to-vote/ 🎥 More about this video: Maybe you've heard of payday loans in passing, on TV, or maybe even on social media. You might've seen a payday loan store in your town and wondered 'what is this?'. In this video, we're diving into what payday loans are, the predatory trap they get people stuck in, and how these payday loan companies lure people in with good marketing. Toward the end of the video, we also cover better alternatives to payday loans if you're in a pinch for cash. If you've ever been curious about payday loans, burned by one, or considered taking one, this video is for you! Want more videos on money, media, society, and intentional living? Be sure to subscribe for more video essays! 🔍 Resources mentioned: News story on Payday Loans: https://www.nbcsandiego.com/news/investigations/nbc-7-responds/payday-loan-ads-on-social-media-targeting-new-young-audience/2972920/ “Young People Are Payday Lenders’ Newest Prey”: https://www.americanprogress.org/article/young-people-payday-lenders-newest-prey/#:~:text=The%20Consumer%20Financial%20Protection%20Bureau,people%20resort%20to%20payday%20loans.) Payday loan costs to Americans: https://www.responsiblelending.org/sites/default/files/nodes/files/research-publication/crl-statebystate-fee-drain-apr2019.pdf Economic hardship leads to societal net negatives: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9900694/ 💌 Want to support the channel? Here are a few ways!: - One-time donation: https://www.buymeacoffee.com/cara.nicole - Join my Patreon: patreon.com/caranicole - My Etsy (budget spreadsheets!): https://www.etsy.com/shop/FinancialFreedomGirl?ref=profile_header 🎥 Check out some of my other videos! 🎥 - The viral TikTok scam we should talk about... : https://www.youtube.com/watch?v=9FyzqokXToQ&t=17s - Multilevel Marketing Schemes & The Scam of Financial Freedom: https://www.youtube.com/watch?v=xJ79m1HHeoE&t=32s - The Terrifying World of Temu: https://www.youtube.com/watch?v=7hGD5Cz_now&t=2s Time Stamps: 0:00 predatory world of payday loans 02:20 bombas! 04:21 anatomy of a payday loan 06:25 crazy interest rates 09:38 a wider societal problem 10:55 payday loan targets 12:14 tiktok example 13:36 luring in via money flexing 14:49 alternatives to payday loans Keywords for some sweet, sweet metadata: Personal finance, money management, deinfluence, deinfluencing, budgeting, budget, credit card, debt, personal loans, payday loans, culture, hauls, video essay, video analysis, social media, tiktok, instagram, Pinterest, materialism, overconsumption, consumerism, climate change, shopping, spending money, viral, influencers, cara nicole