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Just deserts for loan sharks


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It’s high time unscrupulous payday lenders got called out for what they really are: professional defrauders. While payday lending isn’t illegal, consumers need protection from the all-too-common loans charging upwards of 300% interest rates and trapping consumers in a cycle of debt. Fortunately, the government is finally getting serious about cracking down on the debt traps. The Consumer Financial Protection Bureau (CFPB) issued its final payday lending ruleearlier this month. And the Justice Department has gotten on board, charging payday loan shark Charles Hallinan with racketeering, conspiracy, money laundering and fraud. Hallinan maneuvered to get around sensible state and federal regulations and charge those in a bind 800+% interest rates on loans (through a myriad of companies, like “Tele-Ca$h,” “Instant Cash USA” and “Your Fast Payday”)—pretty par-for-the-course in the payday industry. We’re currently working with a big coalition to stop people like Hallinan, and you can help by contacting your reps in Congress to voice your support for the CFPB rule protecting consumers from the payday loan treadmill (learn more here).

 

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