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Financial woes dogged Stewart Wilson through the entire summer time of 1996. A naval petty officer in Jacksonville, Florida

Financial woes dogged Stewart Wilson through the entire summer time of 1996. A naval petty officer in Jacksonville, Florida

How nationwide banks mare teaming up with storefront loan providers to make money from high-interest loans towards the bad

Wilson was at the midst of a high priced divorce proceedings and their credit history had been abysmal. He needed money, fast, but their sole option for the loan ended up being from an area check-cashing socket, where he had been expected to hand a check over, postdated to their next payday, for $250. As a swap, he received just $200; in annualized terms, interest in the loan ended up being an astounding 650 per cent. Continue reading