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      loansharks

      Payday Lenders Funded By Bank Of America, Chase, WellsFargo, U.S. Bancorp, Wachovia

      By Ben Popken, 1:19 PM on Wed Jun 20 2007, 5,474 views

      Seven big payday loan chains are extensively bankrolled by brand name banks. Bank Of America, Chase, WellsFargo, U.S. Bancorp, and Wachovia all extend tens to hundreds of million dollars in lines of credit to these predatory lenders who charge several hundred percent interest on cash advances, often made to the poor and uneducated.

      The chart above shows the who and how. It's a rework of a chart in the appendix of a report by the National Consumer Law Center, who in turn got their data from SEC filings and exhibits.

      Kinda like finding out the hardware store owner sells crack on the side.

      While companies are in business to make a profit, you gotta wonder, if there's nothing wrong with payday loans, why don't these banks offer it at their branches? — BEN POPKEN

      UTILITIES AND PAYDAY LENDERS: CONVENIENT PAYMENTS, KILLER LOANS [National Consumer Law Report]

      PREVIOUSLY: Maxed Out's Bombshells: 1. Wells Fargo Funds Payday Loan Chains 2. Celebrities Get VIP Credit Report Treatment

      RELATED: Why Does AT&T Have 206 Payday Lenders Collecting Bill Payments?

      Read More: loansharks, Bank of America, Banks, Chase, Debt, Loans, Top, U.S. Bancorp, Wachovia, WellsFargo, payday loans

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    New York, 9:02 AM
    Sun Nov 8
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