máj 09

In much of the twentieth


In much of the twentieth century, mafia members employed to offer unlicensed loans to individuals who needed to pay. Over the years the mobsters used intimidation and violence in order to get the money that was owed in their mind. This violence prompted regulating small cash advance loans, which eventually grew in to the regulated and licensed payday lender industry. Nonetheless, the unlicensed lenders survive across the world and should be ignored at all costs. Many lenders may seem like legitimate businesses, but here is a bit of information that may help you to avoid unlicensed lenders that might be connected with mobsters.

Growth of Unlicensed Cash advance Debt

The growth of the illegal industry started in the 1920?s and flourished through the entire great depression. The government initially tried to regulate payday loan debt with the Uniform Small Loan Law, but was unable to make much of a difference.

In the 1960?s, the mobsters had the best time with payday loans. After illegal gambling, most of these loans became the single most lucrative illicit activity for unlicensed lenders. Many mobsters used the cash advance payday loan as an excuse to seize holdings of medium and small businesses. Other times, mobsters simply resorted to intimidation and harassment to acquire the money.