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Last Chance Payday Loans

NJ Investment Council Under Fire for Involvement with Payday Lender

By Brenda Flanagan Correspondent

Payday loan providers make short-term loans of last resource — usually vilified by customer and civil legal rights advocates and recently by President Obama — for billing extreme rates of interest, some over 1,000 %.

“Some associated with the worst abusers, like payday loan providers, are exploiting loopholes to trap our troops in a cycle that is vicious of debt,” Obama stated.

In reality, nj-new jersey outlawed loans that are payday. So activists had been outraged to realize brand brand brand New Jersey’s Investment Council sank $50 million into JLL Partners — a hedge investment that switched around and with nj-new jersey taxpayers’ money purchased notorious payday lender ACE Cash Express.