Latinos, Blacks and seniors targeted for high price loans

Latinos, Blacks and seniors targeted for high price loans

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

Contact: Joe Rendeiro jrendeiro@nclr.org 202-776-1566

MIAMI—Floridians have actually compensated a lot more than $2.5 billion in charges on high-cost pay day loans on the final ten years, based on brand brand new research because of the Center for Responsible Lending (CRL). Further, within the most recently reported period that is one-year 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 current claims that the current state legislation has protected customers when you look at the Sunshine State and may be utilized being a model for the country.

Today, CRL joined up with the nationwide Council of Los Angeles Raza (NCLR), Latino Leadership, Inc. as well as the Florida Alliance for customer Protection in a phone press briefing where professionals examined exactly just how Florida’s payday financing laws neglect to protect borrowers, enabling loan providers to focus on communities of color.

“Our analysis demonstrates what the law states did absolutely nothing to stop the debt trap,” said Brandon Coleman, co-author associated with the report and a CRL Policy Counsel. Continue reading “Latinos, Blacks and seniors targeted for high price loans”