Magnolia Loans, a leader among payday loan companies, sponsored a movie on the payday loans industry. Scheduled to be released at the end of the year, "Payday Loans Inside Out" is based on historical data and insider information. The movie explores short-term loans from the point of view of both lenders and borrowers. The narrative follows the story of a woman who is struggling financially and takes a high-interest loan that puts her family in debt.
The goal of the film is to show the two facets of payday loans. On the one hand, emergency cash advances are a source of financial relief for the working class. On the other hand, the lack of financial literacy can have dire consequences for borrowers. It's easy to slip into a cycle of debt when you are fighting to make ends meet. The movie reveals how predatory lenders take advantage of the most vulnerable people and how they operate. Participant Home Media will be distributing the film on several major platforms a month after its premiere.
Directed by David Farrier and Dylan Reeve, the film sponsored by Magnolia Loans relied on the expertise of in-house specialists and their partners. The information was collected from first-hand people, lenders, and borrowers alike. The premiere is expected to be an eye-opener to consumers, as well as an accurate documentary of how the payday industry has evolved.