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

406 COMMENTS
500 comments

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

Showing 291 reactions

  • posted about this on Facebook 2016-09-30 02:21:51 -0500
    We have one chance to rein in the payday predators with their 589% interest in Wis. Submit your public comment here!
  • signed 2016-09-30 02:21:21 -0500
    There is a reason why we used to have usury laws in these United States. We had decided that when interest rates go t high enough, the practice became a way of enslaving debtors. We need to establish a maximum interest rate that can not be exceeded under any circumstance. Why has this country decided it is OK for loan companies to become loan sharks?
  • signed 2016-09-29 20:01:45 -0500
    Payday loans destroy lives
  • signed 2016-09-29 20:00:14 -0500
  • signed 2016-09-29 19:58:58 -0500
    I lost my dog because I bought it with a payday loan.
  • signed 2016-09-29 19:56:55 -0500
  • signed 2016-09-29 19:55:31 -0500
  • signed 2016-09-29 19:54:04 -0500
  • signed 2016-09-29 19:53:00 -0500
  • signed 2016-09-29 19:51:54 -0500
  • signed 2016-09-29 19:50:45 -0500
  • signed 2016-09-29 19:49:34 -0500
  • signed 2016-09-29 19:48:19 -0500
    They victimize lower class citizens. There needs to be real regulation to prevent these “businesses” from taking advantage of the needy.
  • signed 2016-09-29 19:45:49 -0500
  • signed 2016-09-29 19:44:23 -0500
  • signed 2016-09-29 19:43:06 -0500
    Student loans suck.
  • signed 2016-09-29 19:41:31 -0500
  • signed 2016-09-29 19:38:49 -0500
  • signed 2016-09-29 19:37:20 -0500
  • signed 2016-09-29 19:36:01 -0500
    If we had a living wage people wold not have to frequent these places. Our citizens who are in need of money don’t need to be preyed upon. They need to be uplifted with a job and fair wages.
  • signed 2016-09-29 19:34:17 -0500
  • signed 2016-09-29 19:33:01 -0500
  • signed 2016-09-29 19:31:48 -0500
    One of my family friends experienced something like this.
  • signed 2016-09-29 19:30:09 -0500
  • signed 2016-09-29 19:29:11 -0500
  • signed 2016-09-29 19:27:57 -0500
  • signed 2016-09-29 19:26:22 -0500
  • signed 2016-09-29 19:25:09 -0500
  • signed 2016-09-29 19:23:48 -0500
  • signed 2016-09-29 19:22:05 -0500
    Payday loan sharks are thieves that need to be outlawed. I worked as a child welfare supervisor for 28 years and witnessed many lives ruined by payday loans.