Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law
Contact: Joe Rendeiro email@example.com 202-776-1566
MIAMIвЂ”Floridians have actually compensated significantly more than $2.5 billion in charges on high-cost payday advances on the final ten years, based on brand new research by the Center for accountable Lending (CRL). Further, within the most recently reported period that is one-year June 2014 through May 2015, over $311 million in charges ended up being compensated on loans averaging almost $400. These along with other findings from a written report entitled Perfect Storm: Payday Lenders Harm Consumers Despite State Law refute current claims that an state that is existing has protected customers when you look at the Sunshine State and really should 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. as well as the Florida Alliance for customer Protection in a phone press briefing where specialists examined exactly exactly exactly how FloridaвЂ™s lending that is payday are not able to protect borrowers, permitting loan providers to focus on communities of color.