Teaching California Youth About Predatory Payday Loans

Editor’s note: The CFPB, a federal agency, has proposed new rules for payday, car title, and high-cost installment lenders.

 

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.

PS: You do NOT have to be a payday, car title, or installment borrower to sign the petition.

payday lending truth in lendingThis weekend, Liana Molina, CRC’s payday campaign organizer, will be presenting at the School for Economic Justice about payday loans and why they are so destructive to California families.

The theme for this weekend is “Access to Fair Financial Services,” and it is sponsored by the Youth Leadership Institute and Mission SF Community Financial Center.

Over the course of the weekend, the youth participants will learn how predatory financial services and products have targeted low-income communities, immigrants, and minorities.  Participants will also learn how grassroots organizing on issues like payday lending can lead to positive policy changes.

Activities will include 

At the conclusion of the retreat, the youth participants, in groups, will present action plans to address payday lending.

Liana explains, “This weekend is important for two reasons.  First, the more people that know about the payday loan debt trap, including youth, the less likely they are to fall into it.  Second, by learning about this industry and how it targets low income communities, youth are able to organize and work together to restrict payday lending- like we saw recently in Daly City: “Youth Take A Stand On Payday Lending’s Crippling Affect on Daly City”   Other successes this fall in Sunnyvale and Long Beach are helping to create more momentum to restrict harmful payday lenders and other fringe lenders.”

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.

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