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Private Equity Is Turbocharging Damage of Payday Lending Industry

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Payday lending is inherently predatory and private equity is turbocharging its abuses, enlarging the burden it places on low-income individuals and borrowers of color.

Checksmart Financial and California Check Cashing Stores into Community Choice Financial in 2011, and over the years, acquired or rolled up other companies like CURO and Direct Financial Solutions to build what is now a network of nearly 500 locations nationwide.

Predatory lenders owned by private equity firms create incentives for their employees to mislead consumers on loan requirements. Private equity firms often pressure employees at predatory lenders they own to sell what are known as “add-on products.

 

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Hot Private-Equity Job Market Could Become Scorching With Noncompete BanA proposed federal ban on worker noncompete agreements could inflate already high private-equity salaries, while posing challenges to firms to keep top talent Oh god no. You mean you might actually have to pay people more? Quelle horreur! One of the worst ideas presented.
مصدر: WSJ - 🏆 98. / 63 اقرأ أكثر »