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 lucrative low-finance organizations
Even while the Occupy bay area encampment in the base of marketplace Street indicated outrage at big banks and high finance, 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 across the town. A lot of people with bank records qualify.
These storefronts that are stark where hard-pressed customers make to talk to 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 become seen, banking institutions and rich investors based right right here or in remote monetary enclaves like Manhattan or Zurich offer funds to or very very very very own stakes in a few of San Francisco’s biggest lenders that are payday. These generally include cash Mart, with eight shops, and California Check Cashing Co., with five.
In March, Wells Fargo & Co., the biggest bank situated in san francisco bay area, acted whilst the administrative representative of the bank syndicate that offered DFC worldwide Corp., the master of cash Mart, with a $200 million revolving credit, relating to SEC filings. Continue reading “Big banking institutions help payday lenders offer fast money at high costs”