Big banking institutions help payday lenders offer fast money at high costs

Big banking institutions help payday lenders offer fast money at high costs

Bay area has 32 of California’s a lot more than 2,000 pay day loan outlets. Picture by Jason Winshell/Public Press

COMPANY: Wells Fargo, Credit Suisse among biggest backers of profitable low-finance businesses

Even while the Occupy san francisco bay area encampment during the base of marketplace Street indicated outrage at big banking institutions and finance that is high it stayed company as always at a few of the city’s less glamorous financial establishments.

High-interest, unsecured “payday” loans are plentiful at 32 establishments along marketplace Street as well as in low-income communities all over town. Many people with bank reports qualify.

These storefronts that are stark where hard-pressed customers fall into line to speak with clerks behind Plexiglas windows and submit an application for high-cost payday advances — may appear unconnected to Wall Street.

But while their names and brands are nowhere to be noticed, banking institutions and rich investors based right right right right here or in remote monetary enclaves like Manhattan or Zurich offer funds to or very very own stakes in certain of San Francisco’s biggest payday lenders.

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