There is a comparatively brand new subculture that is financial up of companies like payday lending, lease to possess, check cashing, immediate income tax refunds, business pawn stores, customer finance loans, subprime bank cards and debit cards offered by banking institutions as well as other organizations.
These firms make big earnings by lending cash at extremely high interest levels to the working bad among others simply handling to obtain by on their paychecks. People in the industry phone it alternative financing, but my guest, journalist Gary Rivlin, prefers the terms fringe funding together with poverty company. Continue reading Turning Poverty Into A Multibillion-Dollar Industry. Do the other states outlaw it?