June 20, 2012вЂ“ Community groups and advocates stepped up their campaign contrary to the predatory payday loan industry this week by releasing bus ads on VTAвЂ™s Route 22 as well as other coach lines in Santa Clara County. The вЂњDonвЂ™t Get Trapped!вЂќ ads build in the City of San JoseвЂ™s ordinance that is recent payday financing in the town.
The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning brand new cash advance operations from starting in low-income neighborhoods and capping the full total quantity of cash advance outlets permitted in the complete town during the present quantity of 39. San Jose may be the biggest town in the nation to impose a capon how many payday financing stores, together with first to consider a ban on brand brand new payday financing companies in low-income census tracts. The Santa Clara County Board of Supervisors additionally voted unanimously to impose a moratorium that is permanent cash advance companies in unincorporated regions of the county.
вЂњFamilies residing paycheck to paycheck, struggling which will make ends satisfy, often fall victim to payday lendersвЂ™ offers of fast, convenient payday loans. Borrowers often donвЂ™t understand that a two-week, $300 loan ultimately ends up costing hundreds of bucks to repay, after their circumstances cause them to over and over over and over repeatedly borrow just just what in essence is the identical $300 again and again,вЂќ said Kyra Kazantzis of Public Interest law practice, an application regarding the Law Foundation of Silicon Valley.
Payday advances are little buck, short-term loans that cost borrowers almost 459% APR.
Studies suggest that the normal cash advance customer in California takes away about 10 payday advances each year. (더 보기…)