A new industry has popped up, looking to part retirees with their hard earned money. The CFPB has issued a warning about a new crop of payday lenders. These lenders give cash advances based on the willingness of the pensioner to sign over future pension payments. Some lenders are even requesting pensioners purchase life insurance policies to guarantee the lender gets paid back. How creepy is that?
A number of these lenders target military retirees and former government workers.