BUT, they need to hear from consumers- that means you! We have an easy-to-use page where you can weigh in- it only takes a minute and will help bring about important consumer protections with these loans. Please share a line or two in the comments box about why you care about this issue and want to see strong federal reforms.
Payday lending has been well-documented as a financial product that drains money out of the pockets of its consumers.
While supporters of payday loans suggest that consumers have no other options except triple-digit interest loans, there are other options.
Leaders from non-profit agencies will gather tomorrow at a Summit focused on nonprofit-based alternatives to payday loans.
The event, sponsored by the Coalition Against Payday Predators and hosted by Catholic Charities of Santa Clara County and Step Up Silicon Valley will include a panel discussion, moderated by Gwendy Brown from Opportunity Fund. Panelists include
- Ingrid Holguin, who will discuss Opportunity Fund‘s Emergency Savings Program
- Alejandra Guillen, who will discuss Mission Asset Fund‘s Peer Lending Circle Program/model
- Sarah Chenven, who will discuss Credit Builders Alliance Innovative Change$ Opportunity Loan
- Wendell Willis, from Ways to Work
In addition, groups will discuss alternatives, and there will be an update on the Filene/Ford Foundation Incubation Project.
Are you a Californian who has used a payday loan and would like to share your story? Do you want to get involved in local efforts to restrict payday lending in our communities? If so, please contact Liana Molina, CRC’s Payday Campaign Organizer: Liana@calreinvest.org or 415-864-3980.
To stay up to date on financial justice issues in California, especially as they relate to low income communities, and communities of color, you can follow the California Reinvestment Coalition on our Facebook page, via Twitter, Google+, watch our movies on our YouTube Channel, sign up to receive our newsletter and action alerts, and of course, visit our website.