Reverse Robin Hood: Six Billion Dollar Companies Preying on The Indegent

Reverse Robin Hood: Six Billion Dollar Companies Preying on The Indegent

‘Making money off the indegent stays a business that is booming’ laments Quigley. (picture: Jeremy Brooks/flickr/cc)

Numerous see families in poverty and look for to aid. Other people see families in poverty and find out opportunities for revenue.

Listed below are six samples of billion buck companies that are constructed on breaking up people that are poor specially folks of color, from their funds, the opposite Robin Hood.

Always Always Check Cashing Organizations

Always Check cashing businesses. Money a $100 check? At Walmart that’ll be $3. At TD bank non-customers pay $5 to cash a check from their bank.

Almost 10 million households containing 25 million individuals don’t have any banking account based on the FDIC. Many simply because they didn’t have sufficient money to keep at least stability inside their account.

Check cashing company are element of a $100 billion industry greater than 6,500 check cashing organizations in america, numerous which provide cash requests, household bill re re re payments and so on, based on testimony supplied to Congress because of the industry.

Pawn Stores

Significantly more than 30 million individuals utilize pawn store financing services for the loan that is average of150. One business, money America, has 84 check cashing facilities and 859 financing places in america, over 260 in Texas alone, expanding over $1 billion in pawn loans. Within their 2014 yearly report they disclose that 30 % of men and women never come back to redeem the product they pawned as well as the purchase of these things accocunts for over 50 % of the business profits. The business paid millions in charges in 2013 for overcharging people in the armed services and filing court that is inaccurate in huge number of instances.

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