This week is SharkWeek — yes, it’s a time when cable viewers focus their attention on the predatory power of sharks. It’s also a time when we focus on the legalized loan sharks in our midst.
Where are the payday predators in your town? This is your chance to expose them — take a picture and tweet us @TNCitizenAction — tell us the city and general location — let’s spot the sharks and keep them at bay.
Another opportunity to rein-in payday predators is the Consumer Financial Protection Bureau’s proposed rule on payday lending.
The proposal is an important first step toward providing relief from the cycle of debt so many borrowers find themselves in after being preyed upon by payday predators.
As the rule was being released, we released a report on the harmful impacts of payday lending in Tennessee.
We pointed out that Tennessee families pay over $400 million a year in fees to payday and car title predators. We noted that the average Tennessee borrower pays $490 in fees to borrow $300 over a period of five months.
Now that there’s a proposed rule, we have an opportunity to weigh-in and claim a victory over the loan sharks — Here’s what you can do:
Take a moment and send a comment to the CFPB on their proposal. Tell them it’s important to include a strong ability to repay provision. Tell them your story of a payday lending encounter. Tell them that Tennessee families need a strong rule with clear enforcement in order to rein-in the loan sharks.
And remember, we count on YOU to help us 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.