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Significant Banks Benefit From Pay Day Loans; African-Americans Very Likely To Borrow

Significant Banks Benefit From Pay Day Loans; African-Americans Very Likely To Borrow

A new report reveals that major banks like JP Morgan Chase, Bank of America and Wells Fargo are behind-the-scenes partners in the practice of giving short-term loans to consumers with interest rates as high as 500 percent as many states crack down on so-called “payday” loans.

Lenders whom issue the loans that are payday wanting to prevent the bans presently in place in 15 states by establishing shop much more hospitable states or beyond the U.S. edges, in nations like Belize and Malta, plus in the West Indies, according to an account into the ny circumstances. Continue reading Significant Banks Benefit From Pay Day Loans; African-Americans Very Likely To Borrow