News@lemmy.worldEnglish · 1 day ago

This lender said its loans would help Tennesseans. It has sued more than 110,000 of them.

www.propublica.org

244

This lender said its loans would help Tennesseans. It has sued more than 110,000 of them.

www.propublica.org

MicroWave@lemmy.world to

News@lemmy.worldEnglish · 1 day ago

This Lender Said Its Loans Would Help Tennesseans. It Has Sued More Than 110,000 of Them.

www.propublica.org

The Flex Loan, a type of payday loan pioneered by Advance Financial, has burdened low-income borrowers while generating huge profits for lenders. Tennessee lawmakers declined to rein in the lending business, even as other states did.

Reporting Highlights

Wave of Lawsuits: Since introducing the Flex Loan in 2015, Tennessee-based lender Advance Financial has filed over 110,000 lawsuits against its borrowers.
High Interest and Fees: Flex Loans offer borrowers up to $4,000 at 279.5% interest, trapping thousands of people in debt that can land them in court.
Sidestepped Federal Regulators: Advance Financial lobbied lawmakers to create the new Flex Loan to avoid federal consumer protection regulations.

Chat

Thalion@lemmy.ca
link
fedilink
arrow-up
8·
15 hours ago
Would be very interesting to see how many of those 100k voted for the Republicans that cleared the way for this to become legal

News@lemmy.world

news@lemmy.world

Create a post

You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !news@lemmy.world

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

Visibility: Public

This community can be federated to other instances and be posted/commented in by their users.

3.82K users / day
9.03K users / week
16.2K users / month
23.1K users / 6 months
1 local subscriber
29.3K subscribers
3.76K Posts
71K Comments
Modlog