Payday Lenders Ready to Accept Babies as Collateral

kapiolani_neonatal_icuThe House has approved a law that is headed to the Senate that would allow so-called payday lenders to accept human babies as collateral for their short-term loans. Senator Elizabeth Warren has called payday lenders “predatory” and is threatening to filibuster the bill if it gains any traction in the Republican controlled Senate.

Jacob Mortimer, an industry spokesman and lobbyist, spoke at a press conference organized by Check n’ Pay, the lender who came up with the new concept, “We understand that Senator Warren and Senator Bernie Sanders have issues with this bill but we feel that this is a perfectly appropriate way for us to ensure that our high-interest, short-term loans are paid back in a timely fashion. Many of our customers are in wealth-transition and struggling with making ends meet. As such they may find themselves on public assistance and the amount of money they get per month is relative to how many dependents they have in their household so we think that our clients will not want to leave their children in our world-class nurseries for more than a couple days, maybe a week tops. After a period of 30 days the babies become the property of the Check n’ Pay and are made available to a prescreened well-to-do couple for a predetermined price based on the child’s desirability.

The Senate is expected to take up the measure this week.

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