Reeling in Loan Sharks

Religious and community activists will rally TOMORROW to protest exploitation of workers and the poor by payday lenders. "Payday lenders are legal loan sharks," say organizers, "doling out easy money at interest rates that drive already struggling people even deeper in debt." The Payday Loan Consumer Protection Act of 2007 -- supported by the Metro Council and recently introduced in the DC City Council -- would cap interest rates on consumer loans. "Payday interest rates as high as 391% are simply outrageous and must be stopped," says Metro Council President Jos Williams.