L.A. Clippers: Bench 1-800LoanMart!
  • Petitioned Andy Roeser

This petition was delivered to:

Los Angeles Clippers
Andy Roeser

L.A. Clippers: Bench 1-800LoanMart!

    1. Petition by

      CENTER FOR RESPONSIBLE LENDING

The Los Angeles Clippers recently announced a multi-year sponsorship deal with 1-800LoanMart, a car title lender whose loans come with triple-digit interest rates.

The APR on 1-800LoanMart’s car title loans can reach 180%, even though the loans are secured by borrowers’ cars. In addition to being high-cost, car title loans are designed to trap borrowers in costly long-term debt. Many working families end up choosing between making the high-interest payments on their loan or losing their car.

1-800LoanMart peddles high-cost, dangerous products that cost low- and moderate-income families thousands of dollars and put their primary source of transportation on the line.

The Clippers can and should do better. Clippers fans deserve better too. It is bad enough that 1-800LoanMart is able to charge triple-digit interest rates. But for the Clippers to embrace 1-800LoanMart's sponsorship suggests that these types of predatory loans are not only legitimate, but a good solution to a financial setback.

They are not. The L.A. Clippers should bench 1-800LoanMart today.

Recent signatures

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    1. Reached 25 signatures

    Supporters

    Reasons for signing

    • Elyse Kalfus NORFOLK, VA
      • over 2 years ago

      Any type of "payday" lending is unconscionable no matter what you call it. A loan at 180% APR is a rip-off and does not help anyone except the lender.

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    • Raymond Firehock STAUNTON, VA
      • over 2 years ago

      "Car title" and payday loans are unconscionable and trap borrowers in cycles of burdensome debt. The Clippers should be ashamed. Maybe they ought to donate to CRL to establish a low-income low-interest savings bank.

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    • Sean Coffey OAKLAND, CA
      • over 2 years ago

      Would the LA Clippers business office sign a business loan with 180% APR? Time to reconsider who you do business with- 1-800 Loan Mart is not good for families or communities.

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    • Mary Moore RALEIGH, NC
      • over 2 years ago

      Car title insurance targets and traps families who are struggling financially. It is one of the worst examples of predatory lending, and the L.A. Clippers should not condone it in any way.

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