STOP the SHARKS!
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?