Portside

High-interest loan companies are using Utah’s small claims courts to arrest borrowers and take their bail money. Technically, the warrants are issued for missing court hearings. For many, that’s a distinction without a difference.

Bernie Sanders and AOC are pushing for rules that would put payday lenders out of business — and end Wall Street’s business model of exploiting the poor

A deregulatory push led by top-level Republicans could turn back the clock to the heyday of predatory lending.

Last year, activists in Missouri launched a ballot initiative to cap the rate for loans at 36 percent. The story of the ensuing fight illuminates the industry’s tactics, conducting an underhanded campaign to derail the ballot initiative; and a sophisticated and well-funded outreach effort designed to convince African-Americans to support high-cost lending.

Payday, installment and auto-title lenders have more than 1,400 locations in the state — about one store for every 4,100 Missourians. The average two-week payday loan, which is secured by the borrower’s next paycheck, carries an annual percentage rate of 455% in Missouri, more than 100 points higher than the national average. A coalition of faith groups, community organizations and labor unions decided to put forward the ballot initiative to cap rates at 36%.