Coalition: Financial Reform
This joint page to Congress finalized by leading consumer advocacy groups explains the harm from payday loans online, an evergrowing opportunity for expensive payday lending. These loans are first in line to be repaid ahead of food, rent, or other necessities when these triple digit loans are made to struggling families since the online lender has electronic access to the borrowerвЂ™s bank account.
We, the undersigned customer and community organizations, are composing to alert one to the hazards of online payday lending and also to urge you to definitely help a good independent customer Financial Protection Agency to guard customers from predatory online financing. A market trade team representing payday loan providers whom make an online search to produce and gather triple interest that is digit loans may be in Washington this week advertising a predatory loan product which just renders already struggling consumers worse off. اطلاعات بیشتر