While we chided Maxed Out for not discussing consumer self-empowerment, the movie did make two very interesting claims:
1) Wells Fargo funds Cash Advance, a large chain of payday loan centers.
2) Credit reporting agencies make sure to keep the reports of high-profile people, like politicians, actors, and celebrities, extra-squeaky clean, so as to avoid potential trouble.
Number one is perhaps the most astonishing allegation, suggesting that some of the biggest household names in banking are bankrolling shady sub-prime and predatory lending.
WellsFargoProblems.com says Wells Fargo has extended various million-dollar lines of credit to several different payday loan outlets, Dollar Financial, Advance America, Cash America , ACE Cash Express
Who could resist getting into a business where you can charge 651.79% interest? — BEN POPKEN