This is positively disgusting. Those predatory, 100% and over interest rate payday loans are now being offered by Wells Fargo.
A few of the nation's largest banks -- including Minneapolis-based U.S. Bancorp, Wells Fargo & Co. of San Francisco, and Fifth Third Bancorp of Cincinnati -- are now marketing payday loan-type products, with triple-digit interest rates, to their checking account customers.
People, just don't do it. Do not get a payday loan. You'd be better off hanging out on a street corner with a sign which says need money now and begging for change.
Here is an action item to support legislation to restrict payday loan interest rates to 36%, a loan shark rate sure enough.
But did you know some of these payday lenders are charging 400% interest rates?
Folks, give blood at the blood bank, hang out at a day labor center, baby sit, mow grass, pick crops, herd sheep, do anything but get one of these loans!
Who else thinks the entire nation needs to pass a personal finance test, similar to a driving test in order to apply for any sort of credit?
I do. No one who really understood what 400% interest means would sign up for such a thing if they were in their right mind.
We have laws which say don't drive drunk. We have laws which say you have to follow the rules of the road to drive.
Why do we not have laws which say one must understand a credit application and basic interest rate calculations before getting any sort of a loan?
It's like enabling the entire nation to drive themselves off of a financial cliff, simply because they do not understand the rules of the road.
You wouldn't think to shoot up heroin for just a one time thing....well, signing up for a payday loan is about as bad. It can destroy your entire financial life! Just say No.
Not surprising.
Predatory lending practices exist because of a lack of financial literacy. People are getting in these payday loan traps which is like an endless cycle of debt with ever higher fees. Talk about indentured servitude. I remember cases where people were basically working just pay-off their payday loan.
Where is the Office of the Comptroller of the Currency?
Years ago in parts of Chicago payday loan companies outnumbered any type of bank 10 to 1.
RebelCapitalist.com - Financial Information for the Rest of Us.
RebelCapitalist.com - Financial Information for the Rest of Us.
Corporations put the Mafia out of business
Seriously. Las Vegas, Porn industry, and most of all predatory lending. Who needs a loan shark when we have the largest banks in America?
I know, people only see "payment" or they see "money they can get today" and do not understand they will have to give them 4 paychecks for an advance on one paycheck.
They seriously need some basic financial education/driving test in this country.
Currently it's like corporations have free rein on their "prey". I guess they believe the American people are like rabbits....they can eat as many as they like and there will always be more...
nothing about how they are victimizing the middle class/poor to the point of extinction.
Sadly, people could get a better rate from a loan shark.
It is true - I researched it. But I guess loan sharks carry a bigger stick or provide a stronger 'incentive' to pay-off a loan.
I believe the one thing the financial oligarchy fears the most is a well engaged and financially educated populace.
RebelCapitalist.com - Financial Information for the Rest of Us.
RebelCapitalist.com - Financial Information for the Rest of Us.
collections agencies
are leaving physical threats of violence messages to people, live and threatening them with jail. They are only "one step away" from breaking someone's legs. Psychological torture in so many words.
Yeah, all of this might be why the Mafia is looked on with such nostalgia.
I'm confused
I thought these people WERE loan sharks.
Frank T.
Frank T.