By Brenda Flanagan Correspondent
Payday loan providers make short-term loans of last resource вЂ” usually vilified by customer and civil legal rights advocates and recently by President Obama вЂ” for billing extreme rates of interest, some over 1,000 %.
вЂњSome associated with the worst abusers, like payday loan providers, are exploiting loopholes to trap our troops in a cycle that is vicious of debt,вЂќ Obama stated.
In reality, nj-new jersey outlawed loans that are payday. So activists had been outraged to realize brand brand brand New JerseyвЂ™s Investment Council sank $50 million into JLL Partners вЂ” a hedge investment that switched around and with nj-new jersey taxpayersвЂ™ money purchased notorious payday lender ACE Cash Express.