Blog por Daniela Freitas

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26.01.2020

Major Banks Help With Pay Day Loans Prohibited by States

Major banking institutions have actually swiftly become behind-the-scenes allies of Internet-based payday lenders that provide short-term loans with rates of interest often surpassing 500 %.

A growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates with 15 states banning payday loans.

Even though the banking institutions, such as leaders like JPMorgan Chase, Bank of America and Wells Fargo, try not to result in the loans, they’ve been a link that is critical the lenders, allowing lenders to withdraw re payments immediately from borrowers’ bank accounts, even yet in states where in fact the loans are prohibited totally. (mais…)

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