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    New Report from National People’s Action on Payday Lending: Profiting from Poverty

    From the National People’s Action website:

    Despite record high foreclosures, unemployment, and broken state budgets, one industry is flourishing: Payday Lending.

    And, in this new report, Profiting from Poverty: How Payday Lenders Strip Wealth from the Working-Poor for Record Profits, National People’s Action documents just how devastating this industry is to our communities.

    Major findings:
    • Payday lenders take at the very least $3.4 billion from our communities every year in fees alone. This figure represents some $3.1 billion in wealth stripped from desperate borrowers – money that could have gone to buy needed groceries or school supplies – to pump up the payday lenders’ fat bottom lines.
    • Nationwide, revenues for the major payday loan companies (Advance America, EZ Corp, First Cash Financial, Dollar Financial, Cash America, QC Holdings) have risen to their highest level – $1.48 Billion per year- more than before the financial crisis.
    • Big banks like Bank of America, Wells Fargo, JPMorgan Chase, and US Bank finance approximately 42% of the entire payday loan industry, providing the industry the capital for usurious and predatory loans.

    > Click Here to Download the Report (pdf)

    > Click Here for REAL Solutions Resources/Tools on Payday Lending
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