The Predators’ Creditors: the way the Biggest Banking institutions are Bankrolling the pay day loan Industry

The Predators’ Creditors: the way the Biggest Banking institutions are Bankrolling the pay day loan Industry

This follwoing report from National individuals Action traces connections amongst the payday lenders that are largest and Wall Street banking institutions, including Continue funding arrangements, leadership ties, assets, and shared techniques. Listed below are a few of the report’s key findings:

Click below to download the complete report:

Cash advance organizations rely greatly on funding from big banking institutions, including

Wells Fargo, Bank of America, and JPMorgan.

* Big banks provide $1.5 billion in credit to publicly held pay day loan companies,

as well as a predicted $2.5-3 billion to your industry all together.

* Wells Fargo funds more payday loan providers than every other big bank – six of this

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