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Protest PayDay Loansharking & Wells Fargo
Demonstration coverage of Wells Fargo's complicity in predatory loan practices with PayDay loansharks
Listen now:
A group of organizations banded together, as the California Reinvestment Coalition, to expose Wells Fargo's complicity in the predatory lending practices of Money Mart, Dollar Financial, ACE Cash Express, Advance America Cash Advance, Check Advance Services, USA Cash Services Management. The 'corner-store' lending institutions are financed by some of the largest banks in the world.
These PayDay lenders use 'fees' as an obfuscation to charging as much as 1000% on PayDay loans. The shareholders of Wells Fargo will meet in the near future and the issue will be brought to them by California Reinvestment Coalition's membership.
CRC contends the practice robs the communities of money and collateral, draining it to these large institutions who prey from the background. Speakers from North Carolina and Canada also described their impoverishment by these corporations.
For more information contact Kevin Stein - California Reinvestment Coalition 415 864 3980
These PayDay lenders use 'fees' as an obfuscation to charging as much as 1000% on PayDay loans. The shareholders of Wells Fargo will meet in the near future and the issue will be brought to them by California Reinvestment Coalition's membership.
CRC contends the practice robs the communities of money and collateral, draining it to these large institutions who prey from the background. Speakers from North Carolina and Canada also described their impoverishment by these corporations.
For more information contact Kevin Stein - California Reinvestment Coalition 415 864 3980
For more information:
http://www.calreinvest.org
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found this story about a class action suit for these guys charging 15,000. percent interest.
http://www.cbc.ca/story/canada/national/2005/04/26/payday-loan-050426.html
http://www.cbc.ca/story/canada/national/2005/04/26/payday-loan-050426.html
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