Grocery Store Loans Compete With Payday Loans
Is this the face of things to come for the payday loan industry? It would definitely seem so. What am I talking about? The new card introduced by Bi-Lo that gives customers a credit line of up to $200 for groceries. Myrtlebeachonline.com reports:
"This is potentially moving the payday-loan transaction from the payday-lending shop to the grocery store," said Al Ripley of the North Carolina Justice Center in Raleigh. "This is very expensive credit. Our concern would be that if people are desperate for food, you run the risk of taking advantage of folks."
Read more: Bi-Lo offers grocery credit card for those short on cash
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