How Mariner Finance cashes in on loans to strangers

yeah that’s hardly get you everything to me for $3,221.27 do you have that now means you have the money in April last year Stephen Hodgins get the check he looks at the envelope doesn’t recognize the name on the envelope me thanks who is this from from a company called Mariner Finance Company most people haven’t heard of but they mess mail checks people there live checks made out to you but if you sign it you’re on the hooks and it can be for as much as 36% interest to repay that long emails paper checks in the mail for $1,200 never seen him don’t talk to him never talk to him don’t even know if they have a job or not just send them a check and I guess that’s where they come in later and take him to court and sue bear versus Stephen Hudgins versus John Foster Mariner versus Sonya King George 5 minutes which is 120 30 people from receiver in one. Do they do that everyday you know if they do somebody needs to look into their practices because are predatory lending Mariner has access to credit reports and they find people who have Fair Credit people who have had problems in the past but they’re still capable in Mariner’s estimation of paying it back Hard Times use of people who don’t make a lot of money and could use some my truck transmission broke down I couldn’t get a loan through the bank because my credit score wasn’t high enough but I had this so out of desperation I guess I’ll cash that to get my truck fixed once people cash the check because start Rising take Hudgins case he has a $1,200 in the mail he cashes that they call him back in there so would you like to borrow some more money takes out another 800 at this time the interest rate bumps up a few points at 35% he misses payments by the anti-heroes after processing fees and other charges skills $2,684 and then he sued he looked at the fine print he realizes that he has agreed to pay for their attorneys fees if they sue him successful so that adds another 530 dollars to what is going to pay consumer installment lending very rapidly Mariner had 57 stores in 313 it’s now has 150 stores in 22 States so it’s really expanded very quickly work it’s interesting I think the people is at this place is owned by private Equity Firm based in New York pretty well-known one called Warburg Pincus and Warburg Pincus is led by a even more well known person that Tim Geithner could they will be unable to meet their payments or refinance their mortgages out of the banks and let us through the financial crisis and of the crisis that he blamed in part predatory lending I want to just emphasized the beginning that this crisis is partly the result of failures and consumer protection through a spokesman what company did issue as a statement and said that the company practices responsible lending and their loans are at rates in accordance with all state and federal laws wood look tile places in Ohio Tennessee Pennsylvania virginia-maryland you see pretty much the same thing you see the live checks you see the people being dragged into court because I have them paid a lot of them because they I got the lab Jackson shouldn’t have signed them probably employees in all but two what they were doing their these are all the people who works Frontline in the stores were Mariner does its business they all said they had qualms about what they were doing with people too high interest rate said qualms about giving people sums of money that would be very difficult payback meanwhile the company still making money off of people like Stephen Hudgins other Financial still whatever in illegal and do it legally you think they’re helping you out and what you’re doing is thinking you further down and you know it’s like digging a deeper hole instead of throwing some dirt in the hole to help you get out of it it’s kind of like look at it
Mariner Finance, a fast-growing consumer lending company, has been accused of predatory practices. Many of their customers end up in court buried in debt. The company has grown substantially over the past four years and today is connected to former U.S. Treasury Secretary Timothy Geithner. Subscribe to The Washington Post on YouTube:

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