Pay day loans are tiny loans guaranteed by immediate access to the borrower’s banking account.

Pay day loans are tiny loans guaranteed by immediate access to the borrower’s banking account.

Coalition: Financial Reform

This joint letter to Congress signed by leading customer advocacy teams describes the harm from online pay day loans, an ever growing avenue for costly lending that is payday. Since the online loan provider has electronic access towards the borrower’s banking account, these loans are very first in line become paid back in front of meals, lease, or any other necessities whenever these triple digit loans are created to struggling families.

We, the undersigned customer and community companies, are composing to alert you to definitely the risks of online payday lending also to urge you to definitely support a powerful independent customer Financial Protection Agency to guard customers from predatory online financing.

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