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

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. 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

PREVIOUSLY: Maxed Out: Take It For What It’s Worth
(Photo: Orin Optiglot)

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.