subject: Bad Credit Loans Loan In Canada Explanation Of Bad Credit Payday Loans Part Forty Four [print this page] Further studies of showing how banks are financing bad credit payday loans companies, so that the banks do not have to create the infrastructure to grant and administer bad credit payday loans to the lower income communities throughout the United states of America, have listed some of the largest banks in the United States, namely the Bank of America, Union Bank of California, United States Bank and Wells Fargo Bank who are all financing the operations of cheque cashing outlets and also payday loan lenders, which also obviously includes bad credit payday loan lenders. What happens practically is that these cheque cashing outlets and bad credit payday loan lenders purposely open up their businesses in neighbourhoods that they know desperately need quick cash loans. These new quick cash outlets also know that the banks have purposely abandoned those areas in order to give the new quick cash outlets the loan business which the banks have chosen not to pursue.
What then happens as a result of these new bad credit payday loans companies and businesses setting up shop in these areas, which have been abandoned by the banks, is that they develop a two tier system of high priced consumer financing which is then forced onto the communities in America that desperately need quick cash on a regular basis. Well over ninety percent of these communities are people who are classed as low income earners. People who are affected most by these predatory bad credit payday loan lending practices are women, military employees and African Americans. The fact is that these bad credit payday loan lenders are offering their payday services to people and communities who they know cannot afford these loans but also know that they desperately need quick cash loans on a regular basis to accommodate their hand to mouth way of living.
These bad credit payday loans lenders, who have been financially supported by traditional American banks, make a point of targeting communities and groups of people who have limited financial resources and who have virtually no financial borrowing alternatives but to apply for bad credit payday loans and or quick cash loans from these respective loan lending agencies. Another important financial aspect that needs to be pointed out is that these cheque cashing outlets drain money away from these low income communities and regions resulting in a very low level of reinvestment back into these societies. What is actually shocking is that the traditional banks are actually financing the progression of these negative financial trends which affect the related communities in such devastating ways.
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