What: Protest asking Senator Warner to remove his name from the Madden Bill; protest of predatory lending
When: Tuesday, March 27, 5 p.m. – 6 p.m.
Where: ACE Cash Express, 4213 Portsmouth Blvd, Portsmouth, VA 23701
Portsmouth, Va.— Local residents and members of the Portsmouth Chapter of Virginia Organizing will gather in front of ACE Cash Express to protest the harmful effects of predatory lending. Predatory lenders are abundant in Portsmouth, and give out loans with exorbitant interest rates that can exceed 300%.
The Madden Bill gravely threatens the strongest available tool against predatory lending: state interest rate caps. It would make it easier for payday lenders and other non-banks to evade state interest rate caps and make high-rate loans. ACE Cash Express is one of the many lending companies that could benefit. On Tuesday, as a part of a national day of action, protesters will call on Senator Warner to take his name off of the Senate bill and call for an end to predatory lending generally.
“I know a lot of people who have used this sort of lending,” said Portsmouth resident Crystal Harrison. “They end up severely underwater, being unable to pay by the interest. They can lose their cars, mortgages, and end up unable to pay back their debt. Predatory lending needs to stop.”
Virginia Organizing leader Pat Burns agrees.
“Someone I know took out a loan and the lender charged interest rates so high they almost took his car. Loan sharks target our most vulnerable communities, and profit off of them.”
To interview a spokesperson for this event, please contact Meghan McNamara at 847-922-1213 or email@example.com.