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TAKING A STAND AGAINST SHADY PAYDAY LENDERS

THE FIGHT CONTINUES

Last year we worked together to take a stand against predatory payday lenders. Your 7,000 signatures and 400,000 comments prove you believe in strong consumer protections against unsafe financial products.

The Consumer Financial Protection Bureau (CFPB) has yet to issue a final rule on regulating the payday lending industry. But the current Financial CHOICE Act threatens the very existence of the CFPB. This legislation is the WRONG choice for Latinos and all American consumers.

Watch the video below to learn more

WHY ARE WE TAKING ON the payday lending industry?

The payday lending industry has gone unregulated for too long, pushing out unsafe and unfair financial products that have drained income from hardworking Latinos and other consumers, trapping them in a costly debt cycle.

These shady lenders have become common in low-income communities. They market themselves as a quick financial fix, but in reality they create a long-term debt trap that leaves many consumers worse off if they can’t pay back the original loan in time. The typical payday loan carries a 391% annual percentage rate (APR), and payday lenders make these loans with no regard to a consumer’s ability to repay them.

Many consumers then have to resort to taking out another loan to cover the first one. Suddenly that loan, which was originally only for a couple hundred dollars, ends up costing the borrower well into the thousands.