Predatory Payday Lenders and Debt Collectors Cash In On Over $580M In PPP Loans
WASHINGTON, D.C. — The Washington Post is reporting that over 1,800 taxpayer-backed Paycheck Protection Program (PPP) loans went to debt collectors and high-interest payday lenders — totaling more than $580 million. According to the analysis, “more than 170 of those recipients have been the subject of a multitude of complaints — each racking up at least 100 with the CFPB.” Among the recipients includes Title Cash, a payday lender that charges up to 456 percent annual interest rates, who cashed in on $3.6 million in taxpayer dollars.