End Predatory Lending, #EndUsury

January 10, 2014

Alabama has four times as many payday lenders as McDonald’s restaurants according to The Southern Poverty Law Center (SPLC). Many people take out loans to meet unexpected expenses or to buy food but often find they are unable to pay back the loans, which interest rates can reach 456 percent.  Desperate, more than three quarters of all borrowers find themselves in a cycle of having to take out additional loans to pay previous loans.

Title pawn and payday loan store fronts, often located in low-income and predominantly African American neighborhoods, contribute to poverty and inequality. In our commitment to social justice advocacy, the YWCA Central Alabama supports legislation to limit predatory lending within the state. Please watch and share the video below to spread awareness of how these predatory loans ruin lives. Join us in fighting predatory lending, please visit Alabama Appleseed and Alabama Arise.
 

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The views expressed in this blog are the personal opinions of the authors and do not necessarily reflect those of the YWCA Central Alabama. The intention of this blog is to provide information and perspectives on social justice issues; however, the YWCA makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The YWCA will not be held liable for any errors or omissions in this information or for any losses, injuries or damages incurred from the display or use of this information. This policy is subject to change at any time.