December 4, 2020

Bucks: Yes, It Was an Ad for a Bachelor Party Loan

Given the havoc that easy credit wreaked on our economy, you might think that lenders would be a little more judicious these days in how they promote their loans.

Not so with Payday.Pro.

The payday lender recently posted an advertisement suggesting that men take out a payday loan for a bachelor party. After all, the ad says, “You don’t want to be the only guy at the bachelor party without any dollar bills to toss around.”

Seems to be a not-so-subtle suggestion that their loans might cover tips for the strippers, too. Here’s the link to their Web site.

But bachelor parties are just one of Payday.Pro’s offerings.

They also suggest using loans for cosmetic surgery, shopping sprees, vacations and, bizarrely, pot-bellied pet pigs.

“If you’re dying to be ahead of the times and be as trendy as celebrities like Paris Hilton you might want to consider getting a fast cash advance to help you get your new adorably Pot Bellied Pig,” another ad reads. “Don’t wait until the prices of the precious animals fly through the roof because too many tabloids spot your favorite celebrity with their new Pig. Get a loan today have your new family member tomorrow!”

While the ads may be entertaining, consumer advocates warn that payday loans are generally a bad way to borrow money. The Center for Responsible Lending, for one, says that the loan terms often include fees and triple-digit interest rates. Most payday borrowers have nine repeat loans per year and 400 percent interest, the center says.

Phone calls to the Florida offices of Payday.Pro were not returned. Perhaps they were out at a bachelor party.

Have you come across similarly ridiculous pitches? If you have been enticed by these appeals, tell us your experience? Do you have any advice for others?

Article source: http://feeds.nytimes.com/click.phdo?i=b4a2e07a52b1315bb0912ae18dd9d61d

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