Payday loan sharks have been feasting on our communities for too long. In just one year, over $8 billion dollars is being sucked out of the pockets of our neighbors, friends and communities.
The Consumer Financial Protection Bureau (CFPB) is working on rules to rein in the worst abuses of the payday loan sharks…but now Wall Street and the payday industry’s Congressional puppets are trying to stop the CFPB from protecting our families.
Enough is enough. We need a strong, functional CFPB that will crack down on the predators and shut down the payday debt trap once and for all.
From payday storefronts to car title lenders to online & installment lenders, predatory lenders take billions in fees every year by trapping customers in a desperate cycle of debt.
- Payday loans average 300% APR or higher, and online payday loans average over 650% APR.
- 94% of all borrowers take out another loan within a month and more than half take out a new loan the SAME DAY their old loan was due.
- One in six borrowers lose their car on top of paying steep interest and fees on car title loans