Coalition launches coach advertising campaign to discourage cash advance usage among San Jose residents
Coalition launches coach advertisement campaign to discourage pay day loan usage among San Jose residents
20, 2012– Community groups and advocates stepped up their campaign against the predatory payday loan industry this week by launching bus advertisements on VTA’s Route 22 and other bus lines in Santa Clara County june. The “Don’t Get Trapped!” ads build in the City of San Jose’s ordinance that is recent payday financing into the town.
The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning payday that is new operations from starting in low-income areas and capping the sum total amount of cash advance outlets permitted in the whole town in the present range 39. San Jose may be the biggest town in the united states to impose a capon how many payday financing stores, while the very very very very very very first to consider a ban on brand brand brand brand new payday financing companies in low-income census tracts. The Santa Clara County Board of Supervisors additionally voted unanimously to impose a permanent moratorium on pay day loan companies in unincorporated regions of the county.
“Families residing paycheck to paycheck, struggling to create ends satisfy, often fall victim to payday lenders’ offers of fast, convenient payday loans. Borrowers often don’t understand that a two-week, $300 loan ultimately ends up costing a huge selection of bucks to settle, after their circumstances cause them to over and over over and over over and over over and over over and over repeatedly borrow exactly just exactly exactly exactly what in essence is the identical $300 again and again,” said Kyra Kazantzis of Public Interest law practice, an application associated with the Law Foundation of Silicon Valley.
Pay day loans are little buck, short-term loans that cost borrowers almost 459% APR.
