Latinos, Blacks and seniors targeted for high expense loans

Latinos, Blacks and seniors targeted for high expense loans

Payday Lenders Strip Florida Borrowers of $2.5 Billion in charges, Despite State Law

Contact: Joe Rendeiro 202-776-1566

MIAMI—Floridians have compensated a lot more than $2.5 billion in costs on high-cost pay day loans on the final ten years, in accordance with brand brand brand new research by the Center for accountable Lending (CRL). Further, into the most recently reported one-year duration, June 2014 through May 2015, over $311 million in charges ended up being compensated on loans averaging almost $400. These along with other findings from a written report entitled Perfect Storm: Payday Lenders Harm people Despite State Law refute present claims that the current state legislation has protected customers into the Sunshine State and really should be applied as a model when it comes to country.

Today, CRL joined the nationwide Council of Los Angeles Raza (NCLR), Latino Leadership, Inc. and also the Florida Alliance for customer Protection in a phone press briefing where specialists examined exactly just just how Florida’s lending that is payday neglect to protect borrowers, permitting loan providers to focus on communities of color.

“Our analysis demonstrates that regulations did absolutely nothing to stop your debt trap,” said Brandon Coleman, co-author for the report and a CRL Policy Counsel. Continue reading “Latinos, Blacks and seniors targeted for high expense loans”