Crackdown on Payday Lenders

Emergency expenses pop up all the time. Maybe your car breaks down, your roof is leaking, or your old fridge finally gives up. What happens when you can’t afford that extra expense?

You need access to emergency funds. That’s when the payday lenders come into the picture.

According to the Federal Reserve, half of all Americans couldn’t afford an unexpected expense of $400 or more without selling something or borrowing money.

These Americans are often forced to turn to payday lenders without knowing how high the fees and interest rates actually are. One loan often turns into many, trapping borrowers in a debt cycle, and the fees can skyrocket — some have gone as high as 763 percent.

The Consumer Financial Protection Bureau (CFPB) is working to implement rules to crack down on predatory payday lenders. But lobbyists and the politicians who are influenced by them are trying to block those safeguards before they even take effect.

It’s well past time for national safeguards.

Stand with me and support stricter safeguards against predatory payday lenders. Sign on >>

– Senator Sherrod Brown

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