Coalition launches coach advertisement campaign to discourage cash advance usage among San Jose residents

Community groups and advocates stepped up their campaign resistant to the predatory payday loan industry this by launching bus advertisements on VTA’s Route 22 and other bus lines in Santa Clara County week. The “Don’t Get Trapped!” ads build regarding the City of San Jose’s ordinance that is recent payday financing into the town.

The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning payday that is new operations from starting in low-income areas and capping the sum total range cash advance outlets permitted in the complete town during the present quantity of 39. San Jose may be the biggest town in the united kingdom to impose a capon the amount of payday financing stores, in addition to very very very very first to look at a ban on brand brand new payday financing organizations in low-income census tracts. The Santa Clara County Board of Supervisors additionally voted unanimously to impose a permanent moratorium on cash advance companies in unincorporated regions of the county.

“Families residing paycheck to paycheck, struggling to help make ends satisfy, often fall victim to payday loan providers’ offers of quick, convenient payday loans. Borrowers usually do not understand that a two-week, $300 loan ultimately ends up costing a huge selection of bucks to repay, after their circumstances cause them to over and over over and over over and over repeatedly borrow exactly just exactly what in essence is the identical $300 repeatedly,” said Kyra Kazantzis of Public Interest law practice, an application associated with the Law Foundation of Silicon Valley. Leer más