Santa Clara County supervisors are latest local government officials to seek ...
Declaring curbs on payday loans "a moral obligation," Santa Clara County supervisors Tuesday joined a growing number of local governments seeking ways to protect working-poor consumers from cash advances that carry triple-digit annual interest rates.
Dave Cortese, a former savings and loan manager, brought the issue to a supervisors' committee Tuesday, which voted to have county staff explore options to better regulate local payday lenders that proliferate in low-income neighborhoods.
"Payday lending is one of those issues that cities and counties have a moral obligation to address," Cortese said. He asked the staff to pursue land-use, permitting and zoning laws to clamp down on existing businesses and prevent more from arriving.
Payday loans with a maximum $300 value in California are granted in exchange for a postdated check. The fees associated with the loans amount to an annualized interest rate of 460 percent for a two-week advance on a pay or benefit check -- rates that tend to launch borrowers into a downward spiral of debt.
Last month, Bay Area News Group reported that payday lending is growing in California with the help of a lobbyist-friendly state Legislature, even as 17 states, the District of Columbia and the U.S. military have banned lending at more than double-digit interest rates.
In contrast, California lawmakers are now considering a bill that would expand payday lending here, increasing maximum loan amounts to $500 and fueling the lenders' bottom lines.
The bill's author, state Assemblyman Charles Calderon, D-City of Industry, argues there are few other credit options for the working poor, who would benefit from borrowing larger sums.
But the prospect of expanded payday lending has prompted cities and counties to act. Oakland, San Francisco, Sacramento and Oceanside have already passed payday lending restrictions that require special use permits and establish required distances from other lenders, schools, churches and liquor stores.
What Is A Payday Loan - News
Advocates of the cap legislation, which is before parliament, say short-term loans or "payday loans" can trap people who are already in financial difficulty into an escalation of debt because they are high-cost. The Consumer Action Law Centre says
Declaring curbs on payday loans "a moral obligation," Santa Clara County supervisors Tuesday joined a growing number of local governments seeking ways to protect working-poor consumers from cash advances that carry triple-digit annual
One of the cheapest payday loan providers in the UK has today announced that it will be offering 0% short-term loans; in what is thought to be an industry first in the UK. A payday loans website has today announced that it will be offering new
Labour MP Stella Creasy has called to put a cap on the cost of borrowing, reports CEO of payday loan company speedeloans.com, Gary Miller-Cheevers. In a desperate economy, it is reported that Ms. Creasy wants to stop the "legal loan sharks" by putting
STEVE POKIN / JOURNAL The building at 502 Vandalia St. that once housed Missouri PayDay Loan.The owners of PayDay Loan were unable to relocate in Collinsville and have sued the city. In Collinsville, what do flea markets, pawn shops, and payday loan
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What Is A Payday Loan - Bookshelf
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What Is A Payday Loan Directory
Payday Loan - Wikipedia
Find information about payday loans or paycheck advances small, short-term loans that are intended to bridge the borrower's cashflow gap between paydays. Includes sections on the loan process and controversy surrounding payday loans.
What is a Payday Loan
When you apply for a payday loan, usually the lender will require ... What is good about payday loans is that, despite the very high interest rates, they do ...
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Learn what payday loans are and how online payday loans can be used as a quick fix to pay off your bills.
310-LOAN: Payday Loans Made Simple - What is a Payday Loan?
A payday loan is a small, short-term loan that is used by many Canadians when they find themselves short of cash before payday.
PayDay One | The Smarter Cash Advance
What is a Payday Loan? Payday loans, small loans and deferred presentments are small, short-term cash advances that help you meet your urgent financial needs. ...