Which Texas payday loan company is most likely to default?
The credit-card company known for issuing high-interest payday loans to consumers was recently named the most likely lender to default in the Lone Star State, a survey released Monday by the Consumer Federation of America found.
The report analyzed the names of the major payday lenders in Texas, based on their most recent quarterly earnings.
That list included three companies with a total of more than $100 million in outstanding loans that each earned an average of $12,000 a day.
In addition to being the most-loan-lending company, PNC’s payday loan portfolio ranked third in terms of loan loss per day, behind Citibank and Wells Fargo, according to the report.
The two firms were also the only two companies in the study to lose $3,500 or more per day.PNC declined to comment.
Wells Fargo did not immediately respond to a request for comment.
The other two lenders that earned the top ranking are Wells Fargo and Bank of America, the report said.
The survey also found that payday loan companies that have recently been hit with a major financial loss also have a high likelihood of defaulting within the next year, while those that have not yet seen any losses have a very low likelihood of not defaulting by the end of the year.
The three companies in our study are Bank of American, Citibanking, and PNC.
All three have a bad history, with the exception of Citibanks, according the report, and the risk of default is much higher in the latter two companies.
Bank of America is a subsidiary of Citigroup, which is a unit of Bank of New York Mellon.
The bank has not yet announced any major financial losses.
The Financial Industry Regulatory Authority has not been able to confirm the report’s accuracy.
Citibank is owned by the U.S. government, which regulates the company.
It has been the target of a number of lawsuits in recent years.
Wells is owned entirely by American Express, a unit that is controlled by the private equity firm Cerberus Capital Management.
The company’s annual earnings have fallen more than 30% in the past three years, as has its share price.
Pensioners, retirees, and those with limited assets are also more likely to be hit with losses than other people, according a report from Credit Suisse published in December 2016.
The study is based on a sample of more, not all, of the more than 11 million payday loans issued in the U., including loans from credit unions, payday lenders, and other payday lenders.
It includes data on how much money borrowers owe, how much they can borrow, and whether they are able to pay back the loan.
It does not include how many times a person has been charged or how many different types of loans are available.