Taking a Bite Out of Loan Sharks

 

shark

Last week, we introduced The Loan Shark Ledger — Tennessee’s chronicle of the legalized loan sharking that is payday lending.

This week, I’m pleased to let you know people are taking notice.

Two different news outlets reported on our efforts to rein-in the sharks.

Here’s what they reported:

Trapped in a Cycle of Debt – WKPT TV

Payday lending is alive and well in Tennessee, but consumer advocates are critical of its high interest rates and what they call predatory business practices. A bill in the state house aims to cap the interest rate charged by lenders at 28%. Currently lenders can charge as much as 375% interest. Andy Spears with Tennessee Citizen Action says payday loans are targeting people who have no other options.

“People go to these places when there’s nowhere else to turn for money. It really is kind of a last effort to get out of a tough situation, so i don’t think people should be trapped in a cycle of debt,” Andy Spears says.

The short term loans and lenders bill is now in a house subcommittee.

See the story

Taking a Bite Out of Loan Sharks

Payday lending is alive and well in Tennessee, but consumer advocates are critical of its high interest rates and what they call predatory business practices. A bill in the state House of Representatives aims to cap the interest rate charged by lenders at 28 percent. Currently, lenders can charge as much as 375 percent interest. Andy Spears, executive director of Tennessee Citizen Action, said payday loans are targeting people who have run out of options. 

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We’re going to keep fighting to bring attention to the issue of payday lending and the debt trap it causes.

And, we need your help!

If you find a story on payday lending you’d like us to share, send it to andy@tnca.org

And remember, we count on your support to win the fight against payday lending loan sharks in Tennessee. Your contribution of $5 or $10 today will help keep the Loan Shark Ledger coming and keep the fight against legalized loan sharking alive.

Thanks for all you do to help keep us strong!

Andy

Keep up with payday lending and other important consumer rights issues by following us @TNCitizenAction

 

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  1. […] at Tennessee Citizen Action’s blog, I’ve written a bit about payday lending. Here’s an […]



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