Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law
Contact: Joe Rendeiro email@example.com 202-776-1566
MIAMIвЂ”Floridians have actually compensated a lot more than $2.5 billion in costs on high-cost pay day loans on the decade that is last based on brand brand new research because of the Center for accountable Lending (CRL). Further, within the most recently reported period that is one-year June 2014 through May 2015, over $311 million in costs 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 current claims that an state that is existing has protected customers when you look at the Sunshine State and may be properly used being a model when it comes to country.
Today, CRL joined up with the nationwide Council of Los Angeles Raza (NCLR), Latino Leadership, Inc. additionally the Florida Alliance for customer Protection in a phone press briefing where specialists examined exactly exactly how FloridaвЂ™s payday financing regulations neglect to protect borrowers, permitting loan providers to focus on communities of color.