NJ Investment Council Under Fire for Involvement with Payday Lender

By Brenda Flanagan Correspondent Payday loan providers make short-term loans of final resort — usually vilified by customer and civil liberties advocates and recently by President Obama — for billing extreme interest levels, some over 1,000 %. “Some for the worst abusers, like payday loan providers, are exploiting loopholes to trap our troops in a vicious period of crushing financial obligation,” Obama stated. In reality, nj-new jersey outlawed loans that are payday. So activists had…