Big banking institutions help payday lenders offer fast money at high costs
Bay area has 32 of California’s a lot more than 2,000 pay day loan outlets. Picture by Jason Winshell/Public Press
COMPANY: Wells Fargo, Credit Suisse among biggest backers of lucrative low-finance companies
Even while the Occupy san francisco bay area encampment during the base of marketplace Street indicated outrage at big banking institutions and finance that is high it stayed company as always at a number of the city’s less glamorous financial establishments.
High-interest, unsecured “payday” loans are plentiful at 32 establishments along marketplace Street plus in low-income communities round the city. A lot of people with bank records qualify.
These storefronts that are stark where hard-pressed customers fall into line to talk to clerks behind Plexiglas windows and make an application for high-cost payday advances — may appear unconnected to Wall Street. Continue Reading