Welcome to this week’s edition of Your Moment of Trust from BBB of the Tri-Counties: If you’ve ever needed extra cash to tide you over to your next paycheck, you understand the appeal of a payday loan. Now, video ads on places like TikTok are promoting small, short-term loans to a new, young audience – and making them seem cheap and easy. However, just because it looks simple, doesn’t mean it is. Predatory payday lenders are using the platform to make dishonest claims promising instant cash with no credit checks, late fees, or interest rates. Many times, the advertisers are getting around the rules of the platform. TikTok and Meta have rules restricting ads for short term/payday loans, but some have found their way through. In this podcast you’ll learn what you should know before taking out a payday loan from a social media ad.
A BIG THANK YOU to Ayers Automotive Repairs in Santa Barbara, for sponsoring this podcast!