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Large banking companies play important part in financing payday lenders

Wednesday, January 5th, 2022

Large banking companies play important part in financing payday lenders

FOR RECORD: pay day loans: articles during the Sept. 15 Business section regarding financing that payday loan providers get from significant financial institutions said that people that sign up for pay day loans usually lack bank account. In reality, payday loan providers call for consumers to possess a bank or credit union bank account. –

Major finance companies led by Wells Fargo & Co., people Bancorp and JPMorgan Chase & Co. give above $2.5 billion in credit to spacious payday loan providers, professionals at general public Accountability effort quote in a report revealed Tuesday.

The funding produces essential support for an industry criticized for battery charging successful annual rates of interest that may greatest 400per cent, the professionals mentioned.

a€?Not having funding would shut the major users lower,a€? (more…)