Investigation Launched Into The Payday Loan Industry Over Massive Interest Rates

And finally tonight, some good news. While the federal government is working to
ease the rules for payday lenders, the state of New York is cracking down hard on these
predators. New York financial regulators have announced
a massive investigation into the payday loan industry for violating the laws by charging
enormous interest rates. Payday lending is actually illegal in the
state of New York, but several smaller lenders are believed to be making these loans to individuals
while charging interest rates so high that the trapped borrower in an endless cycle of
debt can never find their way out. This investigation can help free countless
New York citizens from the grips of this industry and put an end to the payday lending industry
in this state for good. That’s all for tonight. Find us on Facebook Also follow us on Twitter @americaslawyer. You can watch all RT America programs on Direct
TV, Channel 321 and stream them live at I’m Mike Papantonio, and this is America’s
Lawyer, where every week we’re going to tell you the stories that corporate media is ordered,
not to tell because their advertisers order them not to tell those stories. Have a great night.

23 comments on “Investigation Launched Into The Payday Loan Industry Over Massive Interest Rates”

  1. Pitbulls are Great Babysitters says:

    They tend to be Epstein types

  2. OrionPax09 says:

    Good to know that at least someone going after those PayDay Parasites.

  3. catalinacurio says:

    An elderly couple in Glasgow (years ago), were so fed up and frightened with being threatened by a lender that the old lady bought a gun and shot the lender in the knee. I am not condoning violence under any circumstance, but he never returned.

  4. Chris Sheridan says:

    This happened in the UK sometime ago and pretty quickly most of these loan sharks went bust and good riddance.

  5. Pissed off Paula says:

    Didnt Trump just roll back safe guards on this issue.

  6. Chris Rockey says:

    I just saw an ad for the venicion(sp) hotel in Vegas that used the brat Willy Wonka veruca salt song. They do know the point of that song right?

  7. Icarianbrother says:

    Deborah Wasserman Schultz- I support loan shark interest rates by the Payday Loan Industry, in return for campaign contributions.

  8. WPG S says:

    Akin To Trump and Epstein, just rich ppl who both got their money through Ill gotten gains and or not paying honest ppl they owed money to, Epstein thought and Trump thinks that's just fine, But of course it isn't. Trump wouldn't lend especially a poor person a dime UNLESS he got it in writing and charged them at least as much in interest as they borrowerd.+Both owe honest hard working ppl a lot more than they actually might have in cash Iffff Trump is worth the 10 billion he gloats about. Both stole so called Charity's money for charity's they set up. It was a set up alright!! I've been dirt poor in my early life because my parents weren't rich, but I'd rather go hungry for a week than borrow money off of Usurpers like these pay day lenders. I only ever did twice to feed my family after 2 of my jobs fell through and it took me ages n ages to pay them back. These usurpers need making illegal period, giving a huge fine and have to waive the debts. They're just a discrace. I remembered a cop I know asked me one day He knew I'd never steal anything but WOULD I steal a loaf of bread if my kids were starving? I said yes but, I'd still take the cash back as soon as I had it..he looked around and said and so would I Pete. The pay day lenders r the lowest of the low!!!

  9. Michael Harris says:

    They target the poor because they already know they don't have money to last from 1 month to the next month.

  10. Michael Yosanovich says:

    RoF is getting a little more progressive discussing things that can make a difference. Still would like to see less Old School and more progressive ideas that can make a positive impact !!

  11. Byron Evans says:

    Vampires everywhere.

  12. MARK MAHAN says:

    Pay day loans is just another word for legalized loan sharking. Another words organized crime has been given licence by governments to operate legalized mafia loan sharking.

  13. Craig Bigelow says:

    Might as well have a heroin addiction!

  14. Craig Bigelow says:

    Economic terrorism!

  15. Sharon D says:

    The. CIA teamed up with the mob at least since the JKF days. Not Suprised that we see our corrupted politicians using and endorsing mob tactics as long as they get their cut. Hardly ever hear govt going after Mobsters.anymore, do we?

  16. Richard Russell says:

    Wait a minute aren't lawyers sharks too? What about loan companies like Beneficial and others with a 40% interest? The poor have no rights in court with these companies. The American legal system works on who has the most money! Car loan places are right up there with the other parasites of our society! How sick is our society when the only people we poor can vote for are criminals, narcissists, pathological liars, psychopaths, and idiot buffoons. These clowns eat high off the land, free medical benefits, while the poor have nothing and no health benefits! The poor have to go more into debt to feed their children because some orange low IQ psychopath, narcissist, pathological liar, and killer ape cut out their SNAP benefits!

  17. whyputaname2 says:

    Called Legalized Loan Sharking… Don't need the Mafia anymore…

  18. Julie Larralde says:

    Payday loans can be the difference in my dog living or dying. Or my car running or NOT.

    I am betting mass people have been helped in the same but different ways threw these loans.

    Just saying

  19. None ya Biz says:

    This has been a long time coming, there have been complaints and accusations against this kind of LOAN SHARKING for years!

  20. G Rated says:

    Way to go New York… Put an end to. Be sure to get the Big Wigs in Deleware that are behind a number if not all of the Practices. Keep us Posted

  21. David S says:

    What is the difference in a small company loaning money at a high interest rate that you are aware of up front and a national bank credit card loaning you money at one interest rate then changing the terms at will after the money is borrowed keeping you in a cycle of debt? I venture to say they are both wicked and the larger of the two is more adept at being wicked.

  22. johnekizomba says:

    The real predators are the private Federal Reserve International banking cabal. The US doesn't need to pay interest in create perpetual debt to coin its own money which these scamsters print out of thin air. They're the reason the u.s. is in debt and always will be because it's a debt based system. Usery = Slavery.

  23. MONTEZUMA says:

    Literally just watched this special on pbs I'm glad its getting attention!

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