Episode
The Payday Loan Industry Is Bastards All The Way Down
1:22:49
Published: Tue May 14 2019
Description
In Episode 60, Robert is joined by Shereen Lani Younes to discuss the Payday loan industry. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
Chapters
This podcast covers the murder of three radio journalists in Miami, delving into a world of drugs and darkness as they seek to uncover a much bigger conspiracy surrounding the case.
00:00 - 00:55 (00:55)
Summary
This podcast covers the murder of three radio journalists in Miami, delving into a world of drugs and darkness as they seek to uncover a much bigger conspiracy surrounding the case.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The traditional pay cycle forces workers to wait weeks or months to get paid for their work.
00:55 - 05:01 (04:05)
Summary
The traditional pay cycle forces workers to wait weeks or months to get paid for their work. This causes financial strain and creates a need for short-term loans to bridge the gap.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Small loans with high interest rates formed an endless cycle of debt for people leading to the term "loan sharks."
05:01 - 09:09 (04:08)
Summary
Small loans with high interest rates formed an endless cycle of debt for people leading to the term "loan sharks." Lenders used forceful methods to extract payment and secure their profits.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
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.
09:09 - 13:08 (03:59)
Summary
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.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The speaker expresses their opinion on how mobsters, often from lower or middle-class backgrounds, have a greater level of morality than those that fraudulently scam people out of their finances during economic meltdowns.
13:08 - 19:43 (06:35)
Summary
The speaker expresses their opinion on how mobsters, often from lower or middle-class backgrounds, have a greater level of morality than those that fraudulently scam people out of their finances during economic meltdowns.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
A Bay Area company is working to reform the freelance pay system by offering a service where workers can get paid instantly for their work and only pay a flat rate of 1%.
19:43 - 24:15 (04:31)
Summary
A Bay Area company is working to reform the freelance pay system by offering a service where workers can get paid instantly for their work and only pay a flat rate of 1%. The current system mainly benefits the companies who employ freelancers and can force workers to wait weeks for their payment.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The Supreme Court ruled in 1978 that banks could extend loans to people in other states with different caps on interest rates.
24:15 - 27:58 (03:43)
Summary
The Supreme Court ruled in 1978 that banks could extend loans to people in other states with different caps on interest rates. The episode also discusses the rise of a particularly gifted grifter in the payday loan industry.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Scott Tucker founded various payday loan companies, including Cash Advance, Preferred Cash Loans, and United Cash Loans, operating under lending laws of one state while offering loans in different states.
27:58 - 32:11 (04:12)
Summary
Scott Tucker founded various payday loan companies, including Cash Advance, Preferred Cash Loans, and United Cash Loans, operating under lending laws of one state while offering loans in different states. His business was eventually shut down by the US government, and Tucker was sentenced to 16 years in prison for running a fraudulent enterprise.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Scott Tucker used shell companies located on Native American reservations to avoid laws on payday lending and charge exorbitant interest rates to vulnerable people.
32:11 - 38:00 (05:49)
Summary
Scott Tucker used shell companies located on Native American reservations to avoid laws on payday lending and charge exorbitant interest rates to vulnerable people.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The CEO of five payday lending companies, including CLK Management, was investigated for predatory lending practices that charged exorbitant interest rates and fees, resulting in customers owing much more than their original loan amount.
38:01 - 41:55 (03:54)
Summary
The CEO of five payday lending companies, including CLK Management, was investigated for predatory lending practices that charged exorbitant interest rates and fees, resulting in customers owing much more than their original loan amount. He admitted that most of their profits came from the interest rollover and late fees, rather than from customers paying down their principal balance.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Scott Tucker, a wealthy payday loan mogul, funded a racing empire, but he was unable to establish a racing career without his vast fortune.
41:55 - 47:18 (05:22)
Summary
Scott Tucker, a wealthy payday loan mogul, funded a racing empire, but he was unable to establish a racing career without his vast fortune. Tucker's payday loan businesses were found to be scammy, leading to the downfall of his racing empire.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Scott Tucker ran a fraudulent payday loan business, using Native American tribes to get around state laws, deceiving borrowers and making billions of dollars.
47:23 - 52:34 (05:10)
Summary
Scott Tucker ran a fraudulent payday loan business, using Native American tribes to get around state laws, deceiving borrowers and making billions of dollars. However, years of lawsuits and investigative reporting ultimately led to his downfall.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Despite the downfall of a notorious payday loan company, online payday loan companies began funneling large amounts of money into wealthy neighborhoods like Mission Hill around Kansas City, making the area a haven for the payday loan industry.
52:34 - 56:34 (03:59)
Summary
Despite the downfall of a notorious payday loan company, online payday loan companies began funneling large amounts of money into wealthy neighborhoods like Mission Hill around Kansas City, making the area a haven for the payday loan industry.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
Donations and auctions at St. Anne's Church bring in huge amounts of money, but investigations reveal that the funds come from poor people who are being taken advantage of by wealthy individuals who support the church renovations.
56:34 - 1:00:26 (03:51)
Summary
Donations and auctions at St. Anne's Church bring in huge amounts of money, but investigations reveal that the funds come from poor people who are being taken advantage of by wealthy individuals who support the church renovations. Church-goers notice lavish spending at auctions while workers are paid as little as possible by the church's business owner.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The payday loan industry preys on desperate people who cannot obtain credit cards and keeps them trapped in a vicious cycle of debt, which is often more abusive than credit cards.
1:00:26 - 1:07:12 (06:45)
Summary
The payday loan industry preys on desperate people who cannot obtain credit cards and keeps them trapped in a vicious cycle of debt, which is often more abusive than credit cards. This practice disproportionately affects black and Hispanic individuals who have limited financial options and are more likely to rely on cash-paying jobs.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
An attorney who works in the payday loan industry asked a professor to test the criticism that its customers are hurt by its loans.
1:07:12 - 1:15:53 (08:41)
Summary
An attorney who works in the payday loan industry asked a professor to test the criticism that its customers are hurt by its loans. The payday loan industry has been known to interfere with studies, revisions, and even remove disclosures detailing their role in paper preparation.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The Trump administration has reversed most of the Obama administration's proposed restrictions on the payday loan industry, a departure from Obama's promise to reform the industry when he was first elected in 2008.
1:15:53 - 1:20:40 (04:47)
Summary
The Trump administration has reversed most of the Obama administration's proposed restrictions on the payday loan industry, a departure from Obama's promise to reform the industry when he was first elected in 2008.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The host reflects on the depressing topic of payday loans and mentions his podcast about the Second American Civil War, which seems more hopeful than the current state of affairs.
1:20:40 - 1:25:08 (04:27)
Summary
The host reflects on the depressing topic of payday loans and mentions his podcast about the Second American Civil War, which seems more hopeful than the current state of affairs. He also jokes about using pegging as a way to cope with frustration.
EpisodeThe Payday Loan Industry Is Bastards All The Way Down
PodcastBehind the Bastards
The podcast tells the story of three radio journalists that were assassinated in Miami, and the efforts made to find the mastermind behind the killings.
1:25:08 - 1:26:08 (01:00)
Summary
The podcast tells the story of three radio journalists that were assassinated in Miami, and the efforts made to find the mastermind behind the killings.