It’s Shark Week! While ocean going sharks will be in the spotlight, it’s the predatory payday loan sharks that are the real danger in our neighborhoods.
This year, we’ve got a chance to build a lifeboat to keep our families out of harm’s way with new proposed rules from the Consumer Financial Protection Bureau. The only problem is that the boat is full of holes, and a leaky boat won’t keep the loan sharks at bay.
The business model of payday and car title loan sharks is to keep people trapped in endless cycles of debt. These sharks rely on direct access to borrowers’ checking accounts and holding the title to your car to get paid first. That’s the definition of predatory. The CFPB rules must truly dismantle the debt trap by letting payday lenders make a loan only when they have made sure the borrower can afford to pay it back.
Right now the CFPB proposed rules don’t guarantee that. They need to hear from you. Tell the the CFPB to plug the holes in their proposed rule so our communities are safe from predatory payday loan sharks who put profits over people.
This #Sharkweek, let’s make sure we come out ahead of the loan sharks.