‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old previous landfill owner and investment banker from Pennsylvania whom created a surefire option to make money—by illegally charging you high rates of checksmart loans title loans interest on loans designed to people who could minimum manage them—will probably spend the rest of his life in jail.

Charles Hallinan, dubbed by prosecutors because the “godfather of payday lending” because his techniques to circumvent state regulations and conceal their long-running scheme paved the way in which for other people to follow along with in the footsteps, recently received a 14-year federal jail sentence for their part in gathering vast sums of bucks in short-term loans with rates of interest that approached 800 %.

Prosecutors portrayed Hallinan being a ruthless loan shark whom enriched himself by trapping his victims in a endless period of financial obligation. (más…)