BEGIN:VCALENDAR
VERSION:2.0
X-WR-CALNAME:www.indybay.org
PRODID:-//indybay/ical// v1.0//EN
BEGIN:VEVENT
UID:Indybay-89383
SEQUENCE:89383
CREATED:20060228T020500Z
DESCRIPTION:On Thursday, March 2, members of ACORN and Money Mart customers who have 
 been ripped off will protest at Money Mart stores in more than 30 cities 
 throughout the U.S. and Canada, including in San Francisco at 6:30 pm at 
 the Money Mart store at 1101 Market St at 7th.  The group will present 
 Money Mart with a “Loan Shark of the Year” Award for “gouging 
 customers through predatory payday lending, criminal check-cashing fees, 
 and rip-off refund loans.”  “This company’s entire business is based 
 on gouging people in need,” said ACORN member Paulette Chappill-Otten, 
 “and we aren’t going to take it any more”.   The interest rates on 
 Money Mart’s payday loans range from 266% to 912%.  While Money Mart says 
 payday loans help people in a one-time emergency, ACORN charges that payday 
 loans get people deeper in debt and that Money Mart’s profits come from 
 customers who can’t pay the loans back and so are forced to repeatedly 
 renew the loans and pay additional interest.    A $300 payday loan from 
 Money Mart costs $352.50. If after two weeks the customer can’t pay the 
 full amount, they pay the $52.50 finance charge and Money Mart rolls the 
 loan over for two more weeks.  If, as in many cases, this continues for 
 three months, the customer will have paid Money Mart $341 in interest and 
 still owe the entire $352.50 loan amount.   Money Mart is the second 
 largest payday lender in the country, behind Advance America, and the 
 second largest check casher, behind ACE Cash Express. Money Mart is 
 financed by   Wells Fargo. ACORN is also demanding that Wells Fargo get out 
 of this business and stop financing Money Mart’s unfair lending 
 practices.  \n https://www.indybay.org/newsitems/2006/02/27/89383.php
SUMMARY:ACORN Demands Money Mart End Predatory Practices
LOCATION:1101 Market at 7th St.
URL:https://www.indybay.org/newsitems/2006/02/27/89383.php
DTSTART:20060303T020000Z
DTEND:20060303T030000Z
END:VEVENT
END:VCALENDAR