Monthly Archives: May 2020

$8 Billion Micro Maneuver – To Survive, Payday Lenders Are Ready To Issue Low-Interest Loans | Company

Hit hard by the slowing economy and some industry players facing bankruptcy, microlenders are seeking a lifeline from the government in the form of $8 billion in cheap credit. Blossom O’Meally-Nelson, president of the Jamaica Association for Microfinancing, or JamFin, says they are seeking state capital with 2% or 3% interest for on-lending. Typically, microfinance […]

Payday lenders ask their DC friends for a government document

As the coronavirus devastates the U.S. economy, seemingly every industry under the sun — from airlines to casinos to farmers to investment bankers — has sent their lobbyists to Congress asking for relief from Washington. Few, however, are as unpopular with the American public as the smaller consumer lenders – primarily the so-called “payday lenders” […]

Payday lenders charging 400% interest want access to a cheap loan program for small businesses

Placeholder while loading article actions On its website, Payday Money Centers touts the small, short-term loans with an interest rate of more than 400% that it offers consumers at its nearly two dozen California stores. But with the economy collapsing and fewer customers coming through the doors, the 23-year-old payday lender is suing for access […]