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Payday Lenders Should Be Included in U.S. Financial Reform
  1. Signatures
    266 out of 500
    Petitioning
    1. The U.S. Senate
  2. Created By
    Whitney Teal
    Silver Spring, MD
About this Petition Petition Letter Petition Updates

Payday lenders like Cash Advance are predatory financial institutions that prey on their poor, mainly black and Latino customers with triple digit interest rates and unfair repayment terms. Groups advocating on their behalf, like The Community Financial Services Association and the Consumer Rights Coalition, say that they fill a void in "underbanked" communities and therefore should not be regulated by the impending financial reform that will affect all financial services companies.

These communities need financial services, but they also need lenders to be honest, transparent and not attempt to nickel-and-dime their way to unearned profits. Tell the U.S. Senate, whose members are preparing to vote on financial reform, that payday lenders don't deserve a break. The payday loan industry needs reform.

 

 

Recent Signatures

Don't Leave Payday Lenders Out of Financial Reform

Greetings,

The financial services industry has taken advantage of all Americans for far too long and I commend efforts on the part of President Obama and the U.S. Senate to draft legislation that will reform the entire sector. It's imperative, however, that payday lenders and their multi-million dollar lobbying budget do not wiggle their way out of this impending bill.

As the President declared on April 22, America's free market "was never meant to be a free license to take whatever you can get, however you can get it." Payday lenders have been taking advantage of the poorest, least educated and underrepresented among us for far too long with triple digit interest rates (sometimes reaching 400 percent) and a lack of transparency in their business. According to Creative Investment Research, the average payday loan recipient pays $800 to borrow $325. This is not fair and this is not the best utilization of our free markets.

The payday lending sector needs oversight and reform, just like the mainstream banking industry.

[Your name]

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