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

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

As numerous states crack down on so-called “payday” loans, a unique report reveals that major banking institutions like JP Morgan Chase, Bank of America and Wells Fargo are behind-the-scenes lovers when you look at the training of offering short-term loans to customers with rates of interest since high as 500 per cent.

Lenders whom issue the payday advances are attempting to steer clear of the bans presently in effect in 15 states by installing shop much more hospitable states or beyond the U.S. edges, in nations like Belize and Malta,