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Archive for the ‘payday loans with monthly payments’ category

That may be the message ny is delivering since the state’s pension that is public spend millions in payday financing organizations.

Short-term, high-interest financial obligation referred to as pay day loans are unlawful inside ny boundaries. But which hasn’t stopped state and town your retirement funds from spending a lot more than $40 million in payday loan providers that run various other states.

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“New York shouldn’t be spending a dime propping them up,” said Andy Morrison, a spokesman for the brand New Economy venture, a nonprofit that urges retirement supervisors to create more investments that are socially responsible.

The brand new Economy venture is New that is now asking York Comptroller Scott Stringer and brand New York State Comptroller Tom DiNapoli to start an activity of divestment from payday loan providers. But up to now, neither comptroller has expressed passion for the concept.

DiNapoli declined to respond to questions regarding divestment. Their spokesman, Matthew Sweeney, said the fault for buying stock in payday lenders falls on “outside managers, who possess discernment to shop for publicly traded shares” with respect to the state retirement. Read more »