This time of year, the windows of payday lenders scream things like “Easy Christmas Cash”. The truth is, it’s not easy. Many Payday Lenders use advertising like this to deceive consumers into starting a cycle of debt that will last long after the Holiday Season. With loans averaging 391% annual interest, the average borrower is indebted for more than half a year according to The Center for Responsible Lending.
STOP THE PAYDAY DEBT TRAP IN THE NEWS
Columbus Dispatch: Lenders get busier during the holidays
In the Bible, the Magi traveled for weeks, going to great lengths to bring gifts to the Christ child. And during this season of giving, families will do whatever they can to give as much as they can to their loved ones…
LA Weekly: Payday Loans With 459% Interest Are a Holiday Scourge, and Voters Want Justice
If you’re desperate for cash this holiday season, there’s one easy way to go: payday lenders. The problem here, says the nonprofit Center for Responsible Lending says, is that getting dough from these outfits could set you back many times the cost of the original loan. In California, the organization says, interest on such loans can reach as high as a whopping 459 percent…
STATE PAYDAY ADVOCATES MAKE THEIR VOICES HEARD
“We are trying to inform people that there are alternative options to payday lending during the holiday season.”
Emmett Carson, CEO of the Silicon Valley Community Foundation
“300% interest rates are still charged in New Hampshire by car-title lenders. Across the state, car-title lending stores are luring people with the promise of fast cash, in exchange for the title to the family car.”
Rev. John Gregory Davis, Claremont UVIP Member