Mainstream financial institutions are helping to fuel this explosion in subprime lending to the…

Mainstream
financial institutions are helping to fuel this explosion in subprime lending
to the working poor. Wells Fargo & Co. (WFC) and U.S. Bancorp (USB) now
offer their own versions of payday loans, charging $2 for every $20 borrowed.
Based on a 30-day repayment period, that’s an annual interest rate of 120
percent. (Wells Fargo says the loans are designed for emergencies not long-term
financial needs.) Bank of America’s revolving credit line to Byrider provides
up to $110 million. Merrill Lynch & Co. (MER) works with CompuCredit to
package credit-card receivables as securities,
»

Mainstream
financial institutions are helping to fuel this explosion in subprime lending
to the working poor. Wells Fargo & Co. (WFC) and U.S. Bancorp (USB) now
offer their own versions of payday loans, charging $2 for every $20 borrowed.
Based on a 30-day repayment period, that’s an annual interest rate of 120
percent. (Wells Fargo says the loans are designed for emergencies not long-term
financial needs.) Bank of America’s revolving credit line to Byrider provides
up to $110 million. Merrill Lynch & Co. (MER) works with CompuCredit to
package credit-card receivables as securities, which are bought by hedge funds
and other big investors.

»

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