Is Congress credit that is expanding poor people or allowing high-interest loan providers?

Is Congress credit that is expanding poor people or allowing high-interest loan providers?

Ken Rees has made a lot of money loans that are selling triple-digit rates of interest to borrowers with dismal credit history or no credit rating.

Through the years, he’s developed a knack for finding loopholes in usury legislation in states that cracked straight down on alleged payday advances — a label which have morphed from explaining short-term, small-dollar loans to incorporate longer-term loans that carry sky -high rates of interest but nevertheless can trap borrowers in a period of unsustainable financial obligation.

Rees became the CEO of payday lender ThinkCash in 2004. Beginning in 2007, the business began using the services of First Bank of Delaware, a bank that is federally regulated was exempt from state laws addressing greater interest-rate loans outside its house state and might originate the loans and retain a part regarding the interest. ادامه مطلب …