The PLA today announced that we are embracing the Community Financial Services of America (CFSA) new poster size fee disclosure policy. We were inundated with emails from our members with concerns that the CFSA are not actually predatory lenders. We repeat: they are our predatory brethren, just in sheep’s clothing.
There are no font size requirement for the posters from the CFSA. We recommend using a large poster with tiny fonts. You can download our poster template as a Word document by clicking here.
Seasoned predatory lenders know that fee disclosure is a red herring. People in a financial crisis will pay almost any interest rate.
We enjoyed this related post in our discussion forum: “I’m interested in simpler ways of making money but need some advice. My idea involves digging pits near hiking trails and waiting for hikers to fall into them. Then I would come over and offer them valuable short-term services such as water, food, blankets, ropes, etc., at rates consistent with free market supply and demand.”