“People of color, elderly people, immigrants, as well as other susceptible populations are more inclined to fall victim to high price loans in Ca. To pad their pocketbooks, corporate high-cost lenders are preying from the many susceptible individuals, while trapping borrowers in a vicious period of financial obligation that leaves families in economic ruin, ” said Paulina Gonzalez executive direct regarding the California Reinvestment Coalition.
“Communities of color need access to credit, nevertheless they require it on reasonable and terms that are reasonable with strong defenses against punishment and exploitation, ” said Greenlining Institute President Orson Aguilar.
A more substantial and Longer Debt Trap? Analysis of States’ APR Caps for a$10,000 Five-Year Installment Loan examines the most APR, including both interest and costs, permitted in each state and also the District of Columbia for the $10,000 five-year loan.