Thousands of Idaho residents are strapped for cash. The economic recession has devastated the lives of Idahoans across the state. As the need to make the dollar stretch increase, financial resources from traditional banks decrease.
Payday loan centers have seized an opportunity to profit from the misfortune of those in need. Predatory lenders have lined the sidewalks of low-income and communities of color with promises of instant cash and no credit checks. Having no available alternatives, residents are left to turn to payday loan centers for relief; but that relief keeps coming with a cycle of interest rates as high or higher than 520%.
Idaho residents speak out about the hardship they have endured. This report uncovers the need for adequate lending alternatives and best practices for Idaho to utilize in protecting borrowers from predatory loans.
Taking on predatory lending is one step for the working poor and others faced with financial crisis’ to keep money in their pockets and food in their families’ mouths.
It is the position of the Alliance that there is discrimination in lending practices as more low-income and people of color have been abandoned by traditional lending centers.
Read the Report
Then take a look at what is happening on the ground in Boise by following these links.
Senator Lee Heider of Twin Falls and Idaho Community Action Network are sparking ‘Interest’ in ending predatory practices in Idaho.