Predatory Lending vs. Indentured Servitude: Our Response
Critics of predatory lending have compared payday loans to indentured servitude. Our lending products are a significant improvement over the indentured servitude of the past.
| Predatory Lending | Indentured Servitude |
|---|---|
| Targets Caucasians, blacks, and Hispanics | Targets Caucasians only |
| A 21st century financial services solution | A 19th century financial services solution |
| Customer service oriented | Not customer service oriented |
| Provision for consumer bankruptcy | No provision for consumer bankruptcy |
| Unlimited term of "service" | Typically limited to 4-7 years of service |
| Work anywhere customer wants | Worked only on the farm |
| Rarely serve prison sentences | Debtors' prison |
| Geographic and demographic information systems help targeting | No targeting whatsoever |
