Big banks help payday lenders offer quick cash at steep prices
High-interest, unsecured “payday” loans are readily available at 32 establishments along Market Street and in low-income communities around the city. Most people with bank accounts qualify.
These stark storefronts — where hard-pressed consumers line up to speak with clerks behind Plexiglas windows and apply for high-cost payday loans — may seem unconnected to Wall Street.
But while their names and brands are nowhere to be seen, banks and rich investors based here or in distant financial enclaves like Manhattan or Zurich provide funds to or own stakes in some of San Francisco’s largest payday lenders. These include Money Mart, with eight stores, and California Check Cashing Co., with five.
In March, Wells Fargo & Co., the largest bank based in San Francisco, acted as the administrative agent of a bank syndicate that provided DFC Global Corp., the owner of Money Mart, with a $200 million revolving credit, according to SEC filings. Essentially a giant credit card with a March 2015 expiration date, this deal provided DFC with money to lend and pay expenses, and a war chest to fund possible acquisitions of other companies.
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Gabriel Boehmer, a Wells Fargo spokesman, said the bank would not share details about the loan. “Because of the customer relationship with Money Mart, I can’t comment on that at all,” he said.
DFC spokeswoman Julie Prozeller also declined to comment on the terms of the loan.
Boehmer said Wells Fargo does “provide credit to a variety of responsible financial services industry companies,” including some payday lenders.
The bank is “really selective” in such lending, and its “total commitments to these customers represent a small percentage of Wells Fargo’s commercial lending portfolio,” Boehmer said. “Our philosophy is that every responsible business that complies with the law has equal access to consideration for credit at Wells Fargo.
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