NJ Investment Council Under Fire for Involvement with Payday Lender

NJ Investment Council Under Fire for Involvement with Payday Lender

By Brenda Flanagan Correspondent

Payday loan providers make short-term loans of final resort — usually vilified by customer and civil legal rights advocates and recently by President Obama — for recharging extreme interest levels, some over 1,000 per cent.

“Some associated with worst abusers, like payday loan providers, are exploiting loopholes to trap our troops in a vicious period of crushing financial obligation,” Obama stated.

In reality, nj-new jersey outlawed loans that are payday. So activists had been outraged to uncover brand brand brand New Jersey’s Investment Council sank $50 million into JLL Partners — a hedge investment that switched around and with nj-new jersey taxpayers’ money purchased payday that is notorious ACE money Express.

“And what exactly is much more egregious is the fact that ACE Cash Express ended up being fined by the customer Fraud Protection Bureau for pressing borrowers that are payday a period of financial obligation through unlawful business collection agencies techniques,” said First Baptist Church of Lincoln Gardens Rev. Errol Cooper.

“We are requesting a total divestment to eliminate this problem. In the event that state will not divest their funds — which nd up in eventually the fingers of ACE money Express — whatever they is supposed to be doing is endorsing the quicksand payday loan industry,” said First Baptist Church of Lincoln Gardens Rev.

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