My Experience as a Manager for the Largest Lender in the Industry
They are parasitic by nature. They feed off of the weak and helpless. How do I know? I know because I was one of them.The stories are all around us. They are in every headline, gobbling up time in most state legislatures, reeking havoc on Wall Street.
This year, it's all about the predatory lending outrage.
A little over a year ago, I was looking for a career change. I happened into one of the many "payday loan" places. The hiring manager explained the job to me and all I could do was shake my head in disbelief. People actually get an advance on their pay? You are kidding me, right? Nope, that is what the payday loan business is all about.
I filled out the application, submitted my resume, and was hired as an assistant manager with the largest payday loan company in the industry. It was just too easy. No more late nights, no more weekends, great benefits. By the way, my previous work experience is primarily management in the hospitality industry, 25+ years. I just love helping and taking care of people.
Then the real fun began. I had never done collections before. A job at this particular payday loan company is about 90% collections. After the first month or so, I started to understand how the payday loan business really worked. I had my doubts and misgivings. I managed to stuff them into that dark place that we never consciously visit. That place where our past nightmares live, though we never open that door or acknowledge that they actually exist.
I started job hunting and the company knew it. I was promoted and given my own center. I convinced myself that I was happy. I became involved in the local community. I organized an outreach program for the needy in each of our payday loan center's neighborhoods over the holiday season. Yes, I had finally gotten back to helping people and doing what felt right. I spent allot of time explained to my customers how to get out of the payday loan trap that they had gotten themselves into.
Comments
Very informative article
Excellent article!
Good article. We have been sucked into this, so I know. We didn't have enough money for rent because of a gov't check we were expecting that came late. So these people know what they are doing. We were desperate, and that is how they make their money. We ended up paying quite a bit more than we got from them.
Great article. I live in Central NY, near a bunch of small towns. I had heard of payday loans before, but I had never seen a place offering them near where I lived. I went on a trip to a larger city in another state and they were all over the place. I couldn't believe how many of them I saw on a simple drive. Thanks for educating us all.
Great article. More people should be aware
Another well written article. I look forward to your next article.
Great article.
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