Payday Lender Criminals GO WILD!

I understand that you have been keeping an
eye on what Mick Mulvaney is up to over there trying to fenestrate the Consumer Financial
Protection Bureau and elevate the payday loan industry to a godlike status? Yeah. Well, there’s no surprises here. When he was appointed by Trump as the interim
person to do all that, we all knew it was all but … It was a disaster and we saw it
coming from the top. We’ve all seen the commercials, Tom, the smiling
person walking out of the payday lending office telling us how happy they are that they have
$500 in their hand with no credit check. But what we don’t see and what it’s not telling
you is real world reality, and that is that $500 in cash comes with a weekly percentage
rate that’s frequently over 500%, meaning it could take them years before they ever
pay off that small loan. There’s been a scream for regulations. Mulvaney has done nothing about it. Now we can see one of those sleazy CEOs running
the actual agency that’s supposed to be protecting us from predatory lenders. Janet Matricciani is the name that’s currently
being floated to replace Mick Mulvaney as the head of the CFPB, and this is a woman
who ran World Acceptance, which by the way was one of the biggest payday lending companies
in America, that was actually being sued, by the way, by the CFPB up until a few months
ago when Mulvaney dropped the suit against her company that was very clear it was criminal. It wasn’t just … It was criminal conduct. Like putting a bank robber in charge of bank
oversight? That’s exactly … She’s the new bank robber. Mulvaney gave her cover until she got there
by dropping the lawsuit. But we all know these stories. Everybody knows these stories. For several years we’ve heard these horror
stories about payday lenders. They’re out there. I think one case, Tom, that’s … I think
it was a 71-year-old, he borrowed about $250 from an Austin, Texas franchise of I think
it was Cash Plus after losing her job as receptionist. Then about four months later she owed almost
$1,000 and faced the possibility of jail time if she didn’t pay up. These stories are endless. I could go on forever. Elliott Clark, I remember this was a case
from Kansas. I think he took out about a $2,000 loan from
payday lenders to pay off medical bills. The guy had absolutely necessary medical treatment. Clark ended up owing more than $50,000, Tom,
just in interest charges to the lending company, even though he was actually making required
minimum payments every month. So yeah, now we have somebody in charge, she’s
awful, she comes from the biggest payday lending in the business. She’s gotten protection from Mulvaney by having
her lawsuit already dismissed. She’s just another payday lending thug, and
that’s who Trump has put up. So we know the rest of the story, don’t we? Yeah. The payday lending industry is by its very
nature a predatory industry and they’re allowed to charge … We used to have usury laws. Richard Nixon pulled on the plug on them,
and arguably he had to because the inflation had gotten so bad after the Arab oil boycott. But it used to be illegal in the United States
for not only any bank, anybody to charge more than 10% interest, and that’s what Nixon blew
up in ’71 as I recall, or maybe it was ’69 or ’70, but whatever they year was. Now you’ve got these payday lending companies
where people are paying an effective interest rate in some cases of 300 or 400 or 500%. Do you have that right. No. No. There’s … Yeah. That’s your conservative numbers, Tom. Look, there are stories of borrowers who saw
their interest rates hiked up to well over 900% after the first week of their loan, putting
them in a cycle that’s an endless interest payment. They don’t really pay anything off. They don’t pay any principal. They pay interest and they pay what they call
handling charges. Every month you have this person who believes
they’re actually paying down the principal of the loan. They’re not. They’re paying interest and they’re paying
what we call administrative handling that somehow takes it outside of the usury law. That’s the exception here. So this is how the payday lending industry
works. They set up a shop in very poor areas around
the country, near military bases. They advertise their services as a quick and
easy way to get some cash, and then once they have the consumer with this document in front
of them … Have some fun sometimes. Get the payday lending document and you tell
me if you can find in there how you really do pay down the principal without a huge payment. It’s not just fine print. There’s a difference between fine print and
what we call disjointed structure and how that document is put in front of you. It’s not just fine print. The disjointed structure is just as difficult
to follow. So people are signing incomprehensible … Signing
contracts that even a lawyer would have a hard time understanding? Actually there’s a couple of stories where
lawyers did take a look at it and they couldn’t figure out how much they had to pay on a $200
loan. So the idea of expecting that somebody is
just going to understand that is absurd. This is a criminal process. You remember that … I think his name was
Scott Turner, the race car driver who had the business similar to this, he ended up
going to prison. I think he went to prison 17 years or something
like that. Every one of these people are a target for
the Feds, but we’re not going to see it in this administration. Yeah, not under Mulvaney and not under any
other Trump toady. Now Bernie Sanders … One of the things that
he campaigned on and that I believe the Democratic party actually put in their platform … I
could be wrong on that, but it was certainly something that Bernie kept bringing up … Back
in the ’80s, when Louise and I lived in Germany, that year that we lived in Germany, if I needed
to cash a check quickly, or any other small financial transaction, wire some money or
whatever, I could go to the Post Office and do it. Bernie said that the Post Office should get
into the small banking business, not competing with community banks, not competing with S&Ls,
but taking the … Basically competing with the payday loan industry, which is … They’re
serving people who literally no other bank will serve. Why can’t the Post Office do that? What do you think? It’s a simple, brilliant idea that has been
on the table for a long time. Here’s the ugly thing about it, Tom. It’s not just the Republicans that are fighting
this. It’s Democrats. 13 Democrats, for example got behind this
idea of making this a legal process. Now we want to say that that never happens,
but it happens all the time. They stand behind payday lending all the time
because payday lending spreads out so much money. It’s not just Republicans. I know that’s hard for Progressives to say,
but that is the reality. The industry itself right now, because of
the failure for Congress to take any action, they’re siphoning off about $3 billion a year
out of the poorest communities in American. While this seems like a perfect industry for
government to step in and to regulate, the truth is that both government and the court
system are doing everything in their power to protect the industry. Courts are making payday lenders file … They’re
turning them into criminals. They’re actually throwing them into jail when
they don’t pay these loans off. You mean payday borrowers? Payday borrowers. Excuse me. Yeah. So this is not something … There’s nobody
that’s going to pull the sword out of the stone here except a Bernie Sanders type. We’re not going to see it from our Wall Street
Democrats, and we’re certainly not going to see it from the thuggish Republicans who just
are joined at the hip with this kind of business. This is acceptable business to them. So in order to change it, it’s going to take
something dramatic. I don’t see it changing anytime soon to tell
you the truth based on the conducts of Democrats we’ve seen already.

18 comments on “Payday Lender Criminals GO WILD!”

  1. HemiHead664 says:

    The Kleptocrats are in full swing.

  2. Lakers fan says:

    Payday lenders: borrow 300 payback 3000 😂😂😂 its comical but sadly there are ppl desperate enough to have to use them and they get royally shafted by these criminals.

  3. DM Tea says:

    If you want to commit a crime become a republican official first. The just-us system will protect you.

  4. Video Gaming says:

    All I have to say is welcome to America.

  5. Dylon Hawkins says:

    Gotta admit this is a good scam.

  6. Franklin Hatch says:

    Trump 2020

  7. Tango Bango says:

    This proves that Trump is a F**King Moron! And his pathetic supporters think he’s not hurting the people of America. Soon there will be no safety or bank regulations, people will suffer & hopefully, TrumpTARD’s will feel the pain BIGLY.

  8. Leslie says:

    If Democrats get on board with usurious payday lenders, why can't they be kicked out of the party? Isn't their behaviour antithetical to the platform? We see this so often in our politicians; they do not fully represent their party's platform. Why is that acceptable? If such behaviour was disallowed, then perhaps we would finally truly be a multiparty country.

  9. Sabine 40231 says:

    It's sad that Americans need to take out loans to pay for medical bills. Healthcare isn't a luxury but a basic human right every country should provide for its citizens.

  10. Bill Grandone says:

    These payday loan people ought to be taken out and SHOT. Before I retired I did bankruptcy law and I went into a hearing with my client and i showed the bankruptcy officer a contract that my client had signed because her ex-husband had taken a powder owing her hundreds of dollars of back support and she had to feed her kids. She borrowed $200. 00 to do so and the interest rate was 505% annually- or over 42% per month.

  11. Harry Hightower says:

    call them what they are legal loan sharks

  12. Neutral Moose says:

    Payday lenders = legalised LOAN SHARKS!

  13. southerngirl says:

    Pay day leaning = LoanSharks.

  14. Jane A says:

    Holy shit. I moved out and borrowed 250 from payday loans to get started. I got laid off and In 5 months I was back home and in debt for over 600 dollars. My dad had to pay it off…Fail. I’m still at home a year later.

  15. bgt125 says:

    Someone with legal experience needs to explain to me how this crap isn't LOAN SHARKING. You know, what THE MAFIA has been doing for the last 150 years? smh

  16. bigraviolees says:

    Mulvaney is a prostitute

  17. Geoff Dearth says:

    The payday lenders aren't just in poor areas. They're everywhere especially as they are incessantly on TV.

  18. stella grace says:

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