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Wells Fargo, Bank of America Finance Predatory Lenders and Their Outrageous Interest Rates yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Wells Fargo branch in San Francisco (iStockAndrei/Stanescu)
An investigation by a local ABC affiliate uncovered that Wells Fargo and other large U.S. banks finance many predatory lenders that target minority borrowers with high-interest fees.
WFAA, a Dallas ABC affiliate, explored how large banks won’t lend to, but continue to make money off minority residents in southern Dallas, including buying and profiting from low-income apartments that perpetuate crime and blight.
According to the investigation, Southern Dallas has 88 payday lender storefronts. Payday lenders offer quick loans marketed as a way to pay for rent, or a necessary car repair. However, deep in the fine print are interest rates of up to 400% that are nearly impossible to pay off.