Borrower Beware! Loan Sharks on the Prowl

October 4, 2016 by  
Filed under Issues, Payday Lending, Recent Blog Posts

Tennessee Citizen Action is keeping up the fight against payday predators and we need your help.

The last day to send comments to the Consumer Finance Protection Bureau (CFPB) on their proposed small dollar lending rule is October 7th.

The legalized loan shark industry is fighting back — generating comments at an alarming rate.

The CFPB MUST hear from you — today!

And for those caught in a tight spot, remember, most borrowers come to regret dealing with a payday predator.

The Tennessee Tribune recently reported on our efforts:

Meanwhile, Tennessee Citizen Action Executive Director Andy Spears says people should ask friends, relatives, your boss and church before getting a loan with high interest rates.

The story also noted Congressman Steve Cohen’s support for common sense regulation:

U.S. Rep. Steve Cohen D-Memphis says access to small-dollar credit doesn’t require regulators to ignore “any predatory practice or product feature that hurts borrowers.”

CFPB says 62 percent of payday loans are made to “consumers who end up taking out seven or more loans in a row,” Cohen says. And over two-thirds of title loan business comes from consumers who reborrow six or more times.

Now, it’s your turn! Send a comment to CFPB today and tell them to stop the sharks!

Remember, we count on your support to keep our fight alive. Just $5 or $10 helps keep us in the game, fighting for you.

For more on payday predators and how to stop them, follow @TNCitizenAction




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