UnidosUS we we Blog. Report: Florida Payday Lending Law Traps Communities of colors in Endless Cycle of financial obligation
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Report: Florida Payday Lending Law Traps Communities of colors in Endless Cycle of financial obligation
Payday loan providers have actually stripped an astounding $2.5 billion in charges from Floridians since 2005. In 2015 alone, their shady financing methods yielded a lot more than $300 million, based on a report that is new unveiled today using the Center for accountable Lending (CRL).
The report, Perfect Storm: Payday Lenders Harm people Despite State Law, highlights the failure of circumstances legislation that has been made to control the side effects of those financial obligation trap loan providers. Up to now it has received effect that is little happens to be widely deemed a deep failing. Yet FloridaвЂ™s congressional delegation has argued that the stateвЂ™s payday regulations should act as a model for a federal guideline.