Chapter
The Dark History of Payday Loans in America
09:09 - 13:08 (03:59)
The payday loan industry has a long and sordid history, tracing back to the practice of "juice loans" in 1960s Chicago and the involvement of mafia men who would offer illegal loans and guaranteed repayment through violent means. Despite the predatory nature of these loans, many people still rely on them due to financial desperation.
Clips
Loan sharks were first recognized as problematic by state and federal governments due to the endless cycle of debt and high interest rates.
09:09 - 10:18 (01:09)
Summary
Loan sharks were first recognized as problematic by state and federal governments due to the endless cycle of debt and high interest rates. Attempts to solve the issue wiped out the entire short-term loan industry, leading to loan sharks changing their practices rather than disappearing.
ChapterThe Dark History of Payday Loans in America
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Payday loans have a controversial history of exploiting vulnerable individuals, but at their core lies the fact that people still need them.
10:18 - 13:08 (02:49)
Summary
Payday loans have a controversial history of exploiting vulnerable individuals, but at their core lies the fact that people still need them.