Protection for Payday Loan Consumers

The DC Council Committee on Public Services and Consumer Affairs will vote TODAY on whether to institute stronger protections for District residents seeking short-term “payday” loans. The Payday Loans Consumer Protection Act of 2007 would set a ceiling on payday loan interest rates. “The practice of payday lending often traps borrowers in financial crisis. This bill would protect low-income workers who turn to payday lenders to deal with unexpected expenses, then find themselves unable to pay back the exorbitant interest,” says Mackenzie Baris, of DC Jobs with Justice. Over 30 organizations and dozens of individuals and clergy members have endorsed the bill. If passed by the Committee, the bill will go for a first reading before the full Council on Tuesday. June 21 payday loan rally, photo by Andy Richards
-Report by Slgi Choi