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Politics

: PR Watch

Bailed-Out Banks Finance Predatory Payday Lenders

By Mary Bottari

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Al Capone

American taxpayers bailed out the big banks. Now many of those banks are returning the favor by extending credit to payday lenders who sucker consumers into a spiraling debt trap.

That is the claim in a new report published this week by National People?s Action (NPA), the Chicago-based community organization. The report, called Predators? Creditors, names Wells Fargo, Bank of America and JP Morgan Chase as some of the biggest lenders to the booming payday loan industry.

?The very same banks that helped tank the economy are now helping the bottom feeders of the industry,? says George Goehl, Executive Director of NPA. ?The report shows that a $300 payday loan could end up costing you $750. If Al Capone was alive today, I bet you could get a better deal from him.?

Full post as published by PR Watch on September 16, 2010 (boomark / email).

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