Predatory Loan Vote Set for Tuesday

Loansharks are "swarming all over" DC City Council on the eve of Tuesday's vote to cap rates by payday lenders in the District, says Councilmember Mary M. Cheh (D-Ward 3), one of the sponsors of legislation that will limit the annual percentage rate charged for such loans. While the D.C. Financial Services Association, which represents 41 of 48 payday loan stores in the city, has been running ads against the bill - approved 12-0 in a preliminary vote in June - supporters held two public forums this week and a press conference Thursday featuring DC resident Stacey Brown, whose $500 loan wound up costing him over $14,997 and whose advice to other would-be borrowers was succinct: "Get out of it. Quick." Click here to read more.