Stop Payday Predators: Submit A Public Comment

THE PROBLEM

Payday lenders purposefully ensnare people in debt they can’t escape. These legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR. It’s a debt trap. In many Wisconsin communities, there are more payday lenders than McDonald's!

THE SOLUTION

We can rein in the worst payday lending abuses (such as knowingly giving out impossible to pay off loans) with a proposed rule from the Consumer Financial Protection Bureau. Payday lenders are fighting to keep their unfair and abusive practices going. It’s up to us to make sure the CFPB hears loud and clear that we need to stop the debt trap once and for all. If we don't comment, this agency will ONLY hear from industry insiders looking to rig the rules in their favor!

Who's signing

376 COMMENTS
500 comments

Will you submit an official comment to rein in payday lenders? (We'll send it on your behalf)

Showing 260 reactions

  • signed 2016-09-29 06:01:43 -0500
  • signed via 2016-09-28 21:28:51 -0500
    jeffery kane . Banksters & strip-mall loan sharks. Get the predators of our working backs.
  • signed 2016-09-28 19:56:24 -0500
    This sucks
  • signed 2016-09-28 19:02:52 -0500
    This practice is immoral and unethical to those who are at an already low point in life!
  • signed 2016-09-28 18:25:11 -0500
    Linda Hoyt
  • signed 2016-09-28 17:54:47 -0500
    Preying on the poor and vulnerable is unethical and immoral. In discussion with several people attending a gathering of speakers about economic injustice, this issue came up. One young man told me his involvement with payday lenders started with needing $200.00 and how the interest rate at 400% quickly escalated to $600.00. Another man said his mother in her 60’s was also victimized by these predators and her $400.00 loan ended up costing over $900.00 with the interest and that he had stepped in to cover the loan to get her out of the worsening situation she was in. The Campaign for Postal Banking seems to make sense to me as to one possible solution to expand access to affordable financial services and give those in need an alternative to the debt trap they have sometimes found themselves in with no ability to get out from under. I want to learn about other possibilities.
  • signed 2016-09-28 17:53:17 -0500
    It is immoral and should be criminal. This action is needed to sculpt the required statute.
  • signed 2016-09-28 17:04:46 -0500
    They are vulgar predators that prey upon the weakest and most unfortunate.
  • posted about this on Facebook 2016-09-28 16:18:51 -0500
    We have one chance to rein in the payday predators with their 589% interest in Wis. Submit your public comment here!
  • signed 2016-09-28 15:53:48 -0500
    Payday predators go after those who are in most need! Those who truly need help! Once someone takes one of these loans out they are most likely to be stuck in this awful cycle, never able to get out! It’s awful how these predators go after the poor, those in poverty, when society should be helping them not making their situation worse!
  • signed 2016-09-28 15:11:35 -0500
  • signed 2016-09-28 13:20:17 -0500
    When I was a boy I learned in Sunday School and Church ( Methodist ) that usury was a sin. Charging underpaid workers 300% interest on loans is not only a sin, it ought to be a crime. Shame on the people who prey on the working poor to enrich themselves. Shame on us if we don’t do something to stop these predators.
  • signed 2016-09-28 12:48:34 -0500
  • signed 2016-09-28 12:19:03 -0500
    Pay day lenders prey on people when they are most desperate. They need to be outlawed and if not that, severely restricted.
  • signed 2016-09-28 12:15:14 -0500
  • signed 2016-09-28 11:56:57 -0500
    These interest rates and policies make it so, so difficult for struggling individuals to get their heads above water.


    I work for a non-profit that provides emergency assistance to people who are about to be evicted from their homes or have their utilities cut off. The number of the clients who come in stuck in the payday loan debt cycle and therefore not paying other bills is overwhelming.
  • signed 2016-09-28 11:15:18 -0500
    Stop the predators!!
  • signed 2016-09-28 11:13:11 -0500
  • signed 2016-09-28 10:59:51 -0500
  • signed 2016-09-28 10:49:22 -0500
  • signed 2016-09-28 10:48:03 -0500
    It’s morally wrong to make a profit by taking advantage of people who are struggling to get by, who often seek these loans in order to deal with an unexpected financial crisis. Our government has a responsibility to protect people who are not in a position to protect themselves. I’m glad that the CFPB is stepping up here, and I hope they continue to put pressure on the corrupt payday lending industry.
  • posted about this on Facebook 2016-09-28 10:27:04 -0500
    We have one chance to rein in the payday predators with their 589% interest in Wis. Submit your public comment here!
  • signed 2016-09-28 10:26:52 -0500
    This country needs to rein in all of the predatory practices, but this is a great start with ‘payday’ lenders. We, as a nation, need to help protect our citizens from those who are taking advantage of our laws. The laws should be amended.
  • signed 2016-09-28 10:26:15 -0500
  • posted about this on Facebook 2016-09-28 10:25:35 -0500
    We have one chance to rein in the payday predators with their 589% interest in Wis. Submit your public comment here!
  • @pamstitches tweeted link to this page. 2016-09-28 10:25:34 -0500
    We have one chance to rein in the payday predators with their 589% interest in Wis. Submit your public comment here! http://www.citizenactionwi.org/paydaycomment?recruiter_id=1935
  • signed 2016-09-28 10:25:08 -0500
    Pay day lenders prey on the poor, desperate, and vulnerable. They should be required to play by the same rules as any other banking organization or replaced with a system that is safe and approachable for the same clientele.
  • signed 2016-09-28 10:24:24 -0500
  • signed 2016-09-28 10:16:10 -0500
    We need to re-introduce genuine morality, not just judgmentalism, into our policy choices. It is immoral to make excessive profit from other people’s hardships.
  • signed 2016-09-28 05:44:18 -0500