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Big banking institutions help payday lenders offer fast cash at high rates. San francisco bay area has 32 of California’s significantly more than 2,000 pay day loan outlets.

Big banking institutions help payday lenders offer fast cash at high rates. San francisco bay area has 32 of California’s significantly more than 2,000 pay day loan outlets.

San francisco bay area has 32 of California’s a lot more than 2,000 cash advance outlets. Picture by Jason Winshell/Public Press

COMPANY: Wells Fargo, Credit Suisse among biggest backers of lucrative low-finance organizations

Even while the Occupy san francisco bay area encampment in the base of marketplace Street indicated outrage at big banking institutions and high finance, it remained business as always at a number of the city’s less glamorous financial establishments.

High-interest, unsecured “payday” loans are plentiful at 32 establishments along marketplace Street plus in low-income communities all over town. Many people with bank reports qualify.

These storefronts that are stark where hard-pressed customers fall into line to speak with clerks behind Plexiglas windows and make an application for high-cost payday advances — may appear unconnected to Wall Street.

But while their names and brands are nowhere become seen, banking institutions and rich investors based here or perhaps in remote economic enclaves like Manhattan or Zurich offer funds to or very very own stakes in a few of San Francisco’s biggest payday lenders. These generally include Money Mart, with eight shops, and California Check Cashing Co., with five.

In March, Wells Fargo & Co., the biggest bank located in bay area, acted because the administrative representative of a bank syndicate that supplied DFC worldwide Corp., the master of Money Mart, having a $200 million revolving credit, based on SEC filings. Continue reading Big banking institutions help payday lenders offer fast cash at high rates. San francisco bay area has 32 of California’s significantly more than 2,000 pay day loan outlets.