Coincidence???

Highlights:

Comment:

As explained in the linked article by CNE, a lending agency could provide $200 in cash to a citizen in order to pay an emergency bill, while asking for a signed personal check of $230. The check then will be cashed on the day that salary is credited to the account of the citizen. If the period between these transactions is 14 days, the Annual Percentage Rate (APR) would be 391%.

The legislature of Puerto Rico is now considering a project to allow these type of payday loans.  CFG (CommoLoCo in Puerto Rico), of which Carlos Garcia is Chair, looks interested to introduce these type of loans in Puerto Rico. Coincidence???

Conclusion: Increasing the number of poor, desperate people in Puerto Rico will increase the customer base of CFG, their potential profits, and personally benefit Carlos Garcia. Is this one of the purposes of the austerity measures of the Fiscal Control Board???

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s