Those who spend high charges to borrow from alleged payday loan providers generally don’t have bank records, but that doesn’t mean banks aren’t earning money from their store. FOR THE RECORD: pay day loans: a write-up when you look at the Sept. 15 Business part concerning the funding that payday lenders receive from major banking institutions stated that folks who remove payday advances generally don’t have bank records. In fact, payday loan providers need borrowers to own a bank or credit union bank checking account. Major banking institutions led by Wells Fargo & Co., https://www.guaranteedinstallmentloans.com/payday-loans-ar/ United States Bancorp and JPMorgan Chase & Co. offer significantly more than $2.5 billion in credit to large payday lenders, researchers in the Public Accountability Initiative estimate in a study released Tuesday. Continue reading “Big banks play key role in funding payday loan providers. Individuals who spend high costs to…”
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