Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law

Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law

Payday Lenders Strip Florida Borrowers of $2.5 Billion in Fees, Despite State Law

Latinos, Blacks and seniors targeted for high-cost loans

MIAMI—Floridians have actually paid a lot more than $2.5 billion in charges on high-cost payday advances on the decade that is last in accordance with brand new research because of the guts for accountable Lending (CRL). Further, into the most recently reported one-year duration, June 2014 through May 2015, over $311 million in charges had been compensated on loans averaging almost $400. These along with other findings from a written report entitled Perfect Storm: Payday Lenders Harm people Despite State Law refute current claims that the current state legislation has protected customers in the Sunshine State and may be utilized as a model when it comes to country. Continue reading “Payday Lenders Strip Florida Borrowers of $2.5 Billion in costs, Despite State Law”