You’d think a crackdown on so-called “payday” lenders in 22 states over the last eight years would have put a lot of these usurers out of business. But the multi-billion dollar industry has found new ways, and new places, to thrive. Today, many of these firms, charging cash-strapped customers interest rates as high as 700 percent, can be found operating just out of reach of state and federal regulators—on Native American tribal lands or overseas in the United Kingdom and elsewhere.
As WhoWhatWhy has discovered, big name Wall Street and Silicon Valley investors are backing these businesses as they seek high profits by lending money to people who lack the financial savvy to understand the hole they are putting themselves in.
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