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Analysis Of The Tv Commercial Blitz For Internet Based Payday Loan Broker

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I 'll admit, there was a time I found Montel Williams quite likeable. He came across as a regular guy, just like everybody else -- he 'd get tears in his eyes when he had sympathetic guests on his show; he promoted social programs, like the Boys And Girls Club. As time went on, he got a little sideways. Nothing, however, is a more egregious abuse of public trust/his fan base, than his latest TV commercial blitz for internet-based payday loan broker - MoneyMutual. There he is, smilingly promoting usury-rate loans to the very class of people for whom he was once advocate. "All you need is a job and a bank account," he says. "No credit checks... Avoid bank fees... Take that vacation." What Montel doesn 't mention is (a) you are giving an…show more content…
She decides to make it an extra-nice Christmas, go for the whole $300, and keep rolling over with the $60 per week interest payment until she gets her bonus telling herself that she 'll pay it off in full then. She faxes her driver 's license, bank information, a voided check, her paystub and whatever else the loan company needs and - wa-la - within 24 hours there 's $300 in her bank account! The following week, Ann tries to pay down some of the principal and discovers that you can 't "pay down" - you have to either pay off the entire loan and interest and renew it at a lesser amount or keep making the interest payment until you 're able to pay off the whole enchilada. By the third payday, Ann has made $180 in interest payments and still owes $300. She 's finding that her budget is a little stretched with the $60 per week hit and decides to take another loan for $200 with another service. She tells herself that with the $200 and her paycheck, she can pay off the first loan for $300. Except her kids need shoes, or her electric bill needs paying and so it goes. Within a few months, more than 50% of Ann 's weekly check is paying off interest charges on the several loans she has outstanding. She 's taken another job, hoping to get enough money saved to start paying off these loans - but something
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