Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law
Latinos, Blacks and seniors targeted for high-cost loans
Contact: Joe Rendeiro firstname.lastname@example.org 202-776-1566
MIAMIвЂ”Floridians have actually compensated significantly more than $2.5 billion in costs on high-cost payday advances throughout the decade that is last relating to brand brand brand new research because of the Center for accountable Lending (CRL). Further, into the most recently reported one-year duration, June 2014 through May 2015, over $311 million in costs ended up being compensated on loans averaging almost $400. These along with other findings from a written report entitled Perfect Storm: Payday Lenders Harm people Despite State Law refute present claims that an state that is existing has protected customers when you look at the Sunshine State and may be applied as a model when it comes to country.
Today, CRL joined up with the nationwide Council of Los Angeles Raza (NCLR), Latino Leadership, Inc. therefore the Florida Alliance for customer Protection in a phone press briefing where professionals examined exactly exactly just just how FloridaвЂ™s payday financing laws don’t protect borrowers, permitting loan providers to focus on communities of color.
вЂњOur analysis demonstrates regulations has been doing absolutely nothing to stop your debt trap,вЂќ said Brandon Coleman, co-author of this report and a CRL Policy Counsel. вЂњWith 83% of pay day loans likely to individuals stuck in 7 or higher loans each year, it is obvious just just just just exactly exactly how FloridaвЂ™s legislation is a deep a deep a deep a deep failing customers.вЂќ