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Let me make it clear about Big banking institutions help payday lenders offer fast money at high costs

Let me make it clear about Big banking institutions help payday lenders offer fast money at high costs

Bay area has 32 of California’s significantly more than 2,000 pay day loan outlets. Picture by Jason Winshell/Public Press

COMPANY: Wells Fargo, Credit Suisse among biggest backers of lucrative low-finance companies

Even while the Occupy bay area encampment in the base of marketplace Street indicated outrage at big banking institutions and high finance, it stayed company as always at a few of the city’s less glamorous financial establishments.

High-interest, unsecured “payday” loans are plentiful at 32 establishments along marketplace Street as well as in low-income communities across the town. A lot of people with bank records qualify.

These stark storefronts — where hard-pressed customers fall into line to talk to clerks behind Plexiglas windows and make an application for high-cost payday advances — may appear unconnected to Wall Street. (more…)