Pandemic & High-Cost Loans: Impact on Low- and Moderate-Income People
Resource Type: Fair Banking
Posted March 31, 2022
This report outlines how predatory lenders descended on moderate income communities hurt by the pandemic. While the pandemic had a devastating impact on low- and moderate- income communities, the government and banks left people in this global health and financial crisis with no choice but to go to predatory lenders such as Easy Financial, Money Mart, Cash 4 You, Cash Money and more who were deemed “essential” during the heart of the pandemic. The report is based on an online survey ACORN conducted to explore how the pandemic affected the use of high interest predatory loans, both payday loans and installment loans.