The Predatory Lending Scheme Destroying American Lives

The video discusses the impact of confessions of judgment on small businesses in the U.S. These legal documents allow lenders to seize borrowers' assets without notice, often leading to financial ruin. The practice is prevalent in the cash advance industry, particularly in New York, where laws permit such actions. The video highlights the story of Jerry Bush Jr., a plumber who faced severe financial distress due to these practices. Following media exposure, government officials have begun investigating and proposing legislation to curb these practices. Despite potential reforms, the cash advance industry continues to employ various abusive tactics.

What legislative actions have been taken in response to confessions of judgment?

In what ways are cash advance companies exploiting borrowers?

What steps can be taken to protect borrowers from abusive practices in the cash advance industry?