Exactly exactly just exactly How banks that are national teaming up with storefront loan providers to benefit from high-interest loans to your bad

Financial woes dogged Stewart Wilson through the summer time of 1996. A naval petty officer in Jacksonville, Florida, Wilson was at the midst of an expensive divorce or separation and their credit history ended up being abysmal. He required money, fast, but their only choice for a financial loan ended up being from a nearby check-cashing socket, where he had been expected to hand over a check, postdated to their next payday, for $250. As a swap, he received just $200; in annualized terms, interest in the loan ended up being a staggering 650 %.

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