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Center for Responsible Lending
Study: Payday Lending Debt Trap Strips Annually $247 Million From California's African-Americans, Latinos
April 12th, 2009
Payday lenders are nearly eight times more concentrated in California's African-American and Latino neighborhoods as compared to white neighborhoods, draining these communities of $247 million in payday loan fees according to new research from the Center for Responsible Lending (CRL). A disparity remains even after accounting for factors like income, poverty rates and education. Federal legislation could address problems with predatory payday loans, which trap borrowers in long-term debt at 400 percent annual interest rates. CRL favors a 36 percent cap on interest rates, the only measure that has effectively stopped abusive payday lending in fifteen states and the...
Source: Pharma Investments, Ventures & Law Weekly (2009-04-12)
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