Payday lenders are some of the worst of the worst, preying on people who need a little money in a hurry with outrageous interest rates. Of course they love Donald Trump, and of course the payday lender-Trump relationship is all about the quid pro quo. It’s still shocking to hear payday lenders talk about the access their campaign contributions buy.
“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Advance Financial founder Michael Hodges recently told other payday lenders. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”
Borrow Smart Compliance’s Max Wood echoed him in the same webinar, saying, “When Trump was elected, the needle moved in our favor—finally”—because payday lenders are so oppressed—and “If you need something and we may need something … then it would be good to be able to pick up the phone and call someone that could get the president’s attention.”
Literally these people are saying that raising a lot of money for Trump means their phone calls will be answered by people with the ability and willingness to go to Trump or his top advisers and get favorable treatment. Outside of TV shows, it’s rare you hear this process presented this nakedly, even though big-money political donations are widely understood to work this way.
When The Washington Post came calling, Hodges denied the things he had said in the industry webinar. “When I am talking about access, I am not talking about the administration. I haven’t lobbied the administration.” Uh huh. Sure, buddy.
The payday lenders also offered regular people, the kind of people who don’t want to be charged extortionate interest if they find themselves in need of a loan, a clear choice. Trump is the “ultimate backstop” for the payday lending industry. Sen. Elizabeth Warren really scares them.