"Much of the discussion around payday loans and auto title loans has to do with the impact they have on individual borrowers. The larger discussion needs to be on the effects of these loans on cities, homelessness, businesses and health." Read more.
The bipartisan Veterans and Consumers Fair Credit Act would extend small dollar “payday” and car-title 36% rate cap protections established under the Military Lending Act (MLA) to all consumers, including veterans and their families. Read more.
“We support protecting people from usury, as the Bible teaches us,” Michael Acquilano, director of the South Carolina Catholic Conference said. “The practice of charging well over 300% for these short-term loans is unfair and places these individuals into a cycle of poverty.” Read more.
Lynn Kneece says she’s often approached at the church by people who’ve borrowed from these places, fallen deeply into debt, and are pleading for financial help. She works with the Appleseed Legal Justice Center, a local group that’s trying to raise awareness of the problem -- especially among Democratic presidential candidates, who’ll face off on Saturday in the state’s primary contest. Read more.
Outraged over the state’s lax laws on high-interest, short-term lending, supporters of a bill that would put a cap on interest rates united at the State House Wednesday. Read more.
Have you ever paid a 175% interest rate on a loan? Unfortunately, there are many people in our community faced with this reality. Recently 70-year-old Iris Burdine found herself in this situation and didn't know where to turn. Read more.
Today, the Consumer Financial Protection Bureau (CFPB) under Trump-appointed Director Kathy Kraninger unveiled a plan to gut the CFPB’s landmark 2017 payday and car title lending rule before it even goes into effect. Read more.