Payday lenders. They prey on the working poor and those least able to handle a financial emergency. They count on a cycle of debt in order to make ever-increasing profits.
And Tennessee has some of the weakest regulations on these predators in the country.
These modern-day loan sharks can charge more than 400% interest in Tennessee — and they want to keep it that way.
But, one lawmaker is taking on the challenge of reining-in the predators.
Represenative Darren Jernigan has filed legislation (HB317) that would cap interest rates on payday loans at 28%.
The payday loan industry says it can’t make a profit by lending at 28%.
So, the question is: How much is enough?
How much do payday lenders have to charge to make a profit? Is it 100%? 200%?  How much is enough?
On Wednesday at 7:45 AM Central, you’ll have a chance to ask a represenative of payday lenders just that!
Rep. Jernigan will be appearing on the NewsChannel5+ program MorningLine — and he’ll be discussing the issue with a payday loan lobbyist.
Tune-in on Wednesday, March 11th at 7:45 AM and call 615-737-7587 to ask the payday loan lobbyist: How much is enough?
We’ll be tweeting the show and using the hashtag #howmuchisenough
Follow us @tncitizenaction
Join the conversation and let’s make the loan sharks tell us: How much is enough?

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One Response to “STOP the SHARKS!”
  1. Thomas R. Gutridge says:

    I read in this morning’s News Sentinel supplement, Shopper News for Powell and Norwood, a synopsis of an interview of Roger Kane, a newly elected member of the Tennessee legislature. In the interview, he was asked his views on school vouchers. There was no direct answer, only some evasive mumblings. Gloria Johnson said that later she discovered that he, in fact, was sponsoring voucher bills in the legislature. I just hope he has not been too drunk on either ALEC or KOCH beer. Otherwise, we’re headed for disaster in this state. I would like to know if he belongs to ALEC.

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