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Easy Cash at the low low rate of 700 percent

Chained to debt

 

Indentured servitude all but disappeared by the 1830’s in North America.

With the rise of Payday loans, it has taken on a second life in Philadelphia.

The leader of a payday loan enterprise was indicted Thursday on federal racketeering charges.

The enterprise preyed on despite borrowers while making close to $700 million from 2008 to 2013 the indictment charges.

Customers would pay $30 for every $100 borrowed and over time the compounded interest and fees amounted to over $700 for the original $100 loan.

The enterprise operated under a number of names including Instant Cash USA, Easy Cash, and My Payday Advance.

If you are in need of a loan think twice before taking out a payday loan and if you are already trapped on the payday loan treadmill you should speak to a legal or financial advisor.

 


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Posted April 8, 2016