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!
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!