Bottom feeding subprime lender World Acceptance, charging interest rates up to 215%, is enabled by credit lines from JPM Chase and Bank of America, among others.
World Acceptance feasts off repeated refinances and roll overs, using the rule of 78s to fleeces its borrowers.
Do Chase and BofA have any standards for the subprime lenders they will lend to?
JPM Chase was previously exposed by Inner City Press / Fair Finance Watch for extensive lending to pawn shops and high cost check cashers. Even post-crisis, the sleaze just continues. And what do the regulators do? Watch this site.
