NJ Investment Council Under Fire for Involvement with Payday Lender

By Brenda Flanagan Correspondent

Payday loan providers make short-term loans of last resource — usually vilified by customer and civil liberties advocates and recently by President Obama — for billing interest that is extreme, some over 1,000 %.

“Some of this 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 outlawed payday advances. So activists had been outraged to find out brand brand New Jersey’s Investment Council sank $50 million into JLL Partners — a hedge investment that turned around and with nj-new jersey taxpayers’ money purchased notorious payday loan provider ACE Cash 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 pushing payday borrowers into a cycle 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 expel this matter. In the event that state will not divest their funds — which fundamentally end in the arms of ACE money Express — whatever they are going to be doing is endorsing the quicksand payday loan industry,” said First Baptist Church of Lincoln Gardens Rev.

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