Coalition: Financial Reform
This joint page to Congress finalized by leading customer advocacy teams describes the harm from payday loans online, an ever growing opportunity for costly 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 companies, are composing to alert one to the potential risks of online payday lending also to urge you to definitely help a powerful independent Consumer Financial Protection Agency to guard customers from predatory lending that is online. A business trade team representing payday loan providers who utilze the internet to produce and gather interest that is triple-digit loans are going to be in Washington this week advertising a predatory loan product which just makes currently struggling customers worse off. (more…)