What Is A Payday Loan

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? Find Out Here! Locate Credit Even if You ...

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