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Low-income and middle-income, often communities of color and so they are incredibility predatory.
We simply want the payday lenders to play by the same rules as every other lender in
this state.
But what is not reasonable is the interest rate that they charge. So if it was at 36%
interest rate and they weren’t causing people to choose between their leg and being able
to live …
It isn’t access to credit, it is access to debt and that is what we are seeing in
the statistics of what are happening in this industry. The average APR is 316%, this is
as of 2008 data and we are seeing about 7 point, if I can remember correctly, the average
lender about 7.8 loans. And also I would note, roughly 50% of all loans are loans to people
that have gotten twelve or more loans in a given year.