So they've finally done it, payday lenders have finally figured out a way to access the social security income of senior citizens. Payday lenders in Texas and across the country are making loans to senior citizens; but on the condition that they deposit their entire social security check into a special bank account that's usually out of state and has no ATM card. If seniors want to get their money which doesn't belong to the payday lender, who do they need to go to? Well, none other than the payday lender of course. Sound disgusting? That's not even the half of it. While senior citizens can change where their social security check is deposited to at any time, many of the seniors being targeted by the payday lenders simply do not know this, and of course the payday lenders don't bother to tell them the truth. So for all the senior citizens out there who are being targeted by payday lenders; here a few facts that you need to know:
- Payday loans are some of the WORSE loans you can ever take out. They have high interest rates and unfair terms. It is simply best to avoid taking out a payday loan under any circumstances; but even if you do take out one they don't have the right to take your social security check for payment.
- You are not required to deposit your social security check into any special account. If a payday lender asks you to do so, simply refuse.
- Even if you took out a loan and was not able to repay it, the creditor would not have any access to your social security income. Social security income cannot be touched by anyone, not payday lenders, credit card companies or even in bankruptcy.
If you have already been tricked by a payday loan lender into handing over your social security check to their special bank account, contact the social security office and find out how you can change where your check is deposited.