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5 Facts Payday Lenders Don’t Want You to Know
- Each year, payday lenders make more than $10 billion in fees by trapping 12 million hardworking Americans in a cycle of debt.
- Payday lenders threaten, harass, and intimidate customers to take out new loans to pay back previous loans.
- Payday lenders use shady tactics to get around laws designed to protect consumers.
- Payday lenders have been sued for defrauding and harassing their customers.
- There are nearly as many payday lending storefronts in America as McDonalds and Starbucks… combined. These storefronts are far more likely to be located near communities of color.
D. Lynn DeVaultof Jones Management Services
D. Lynn DeVault has been president of Jones Management Services since 2000. A staunch opponent of reforming the payday lending industry to protect consumers, DeVault has defended charging payday lending fees, which could be as high as 910 percent APR. She has also said that it is “nothing new” that payday lenders prey on the most vulnerable.
Jamie Fulmerof Advance America
This payday lending mouthpiece and prolific tweeter openly admits that payday loans are risky. He also says that consumers find themselves trapped in debt cycles because they like payday loans so much.
Rod Aycoxof Select Management Resources
A college drop out, failed insurance salesman, and former used car salesman, Rod Aycox is considered by many to be the "godfather" of the car title loan industry. He even went into business with a man long tied to the mafia.
Tracy Rawleof Check City
Tracy Rawle took over payday lender Check City from his now deceased father but he has been intimately involved in the business for years, previously serving as the company’s vice president.
The late Richard M. Rawle was allegedly involved in a scheme to bribe Senator Harry Reid of Nevada in order to kill an FTC investigation of a now-indicted Utah businessman, and also is alleged to have illegally given $17,000 in gold coins to the former Utah Attorney General, who is currently facing numerous felony charges including bribery and receiving unlawful gifts.
Dennis Bassfordof Money Tree, Inc.
Dennis Jay Bassford co-founded payday lender MoneyTree, Inc. in 1983 with his family. It now extends across five western states, with Washington State being its largest market. He has served as its CEO since 2008.
Bassford has repeatedly opposed regulations on the payday lending industry, claiming that those who wanted to regulate payday loans were “underestimating his customers.” At the same time, he has claimed that his company offers financial literacy programs but his knowledge of those programs when pushed for details by a reporter were foggy at best. What about programs for the customers he traps in a cycle of debt? About that he was clear, stating, “We're not conducting programs with our customers.”
Darrin Andersenof QC Holdings
Since his hire in 1998, Darrin Andersen has worked his way up from CFO to President to CEO at QC Holdings, a company that helped “pioneer” payday lending. During this time, Andersen has been an ardent critic of efforts that seek to protect struggling Americans from payday lenders. Recently, he argued that banning payday loans would be comparable to banning books because they both cost consumers money. Seriously. This coming from a guy who serves as Chair of the Communications Committee of the Consumer Financial Services Association of America – the payday industry’s special interest lobbying group.
Which predator will be next?
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