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Latinos, Blacks and seniors targeted for high price loans

Latinos, Blacks and seniors targeted for high price loans

Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law

Contact: Joe Rendeiro jrendeiro@nclr.org 202-776-1566

MIAMI—Floridians have actually paid a lot more than $2.5 billion in costs on high-cost payday advances on the final ten years, based on brand new research by the guts for accountable Lending (CRL). Further, within the most recently reported period that is one-year June 2014 through May 2015, over $311 million in charges had been compensated on loans averaging almost $400. These as well as other findings from a written report entitled Perfect Storm: Payday Lenders Harm people Despite State Law refute present claims that the current state legislation has protected customers into the Sunshine State and really should be properly used as being a model for the country. (more…)