Every day, payday and car title lenders drain $23,951,459 out of the pockets of hard-working Americans with predatory lending practices. That’s over $8.7 billion every year and that doesn’t include predatory installment lending or capture every loan. The Consumer Financial Protection Bureau (CFPB) started the process of rulemaking in March of 2015 – we can’t wait anymore. We need a strong rule that puts a stop to the debt trap now. Tell the CFPB we can’t wait any longer to stop predatory loans!
Annually, more than twelve million hard-working American men and women fall victim to the underhanded business practices of these predatory lenders. Loans average 300% APR or higher and more than half of borrowers must take out a new loan on the same day their previous loan was due.Click here to learn more about the debt trap.