February 22, 2013
Legalized loan sharking on fast-track to becoming law
We are in grave danger of payday lenders returning to North Carolina. Senate Bill 89, to allow payday lenders back into the state, is moving fast. The bill could pass the state Senate any day now. Attorney General Cooper put it the best:
“This is the same old rip-off we ran out of our state years ago. These overpriced loans trap borrowers in a cycle of debt many cannot escape. Payday lending was a bad idea then, and it’s a bad idea now.”
Our Coalition spent years getting rid of payday lending in North Carolina. Storefront and internet payday lenders have been illegal in NC since 2001. Then it took five more years and much legal action to get these predatory lenders out of our state for good. Why on earth are we inviting this predatory industry back into North Carolina?
Never forget these folks:
Arthur Jackson, a grandfather from Raleigh, whose payday loan from Advance America was flipped at least 100 times over five years. He paid over $5000 in interest on a $300 loan.
Betty W., living on social security income of $564 a month, got caught in the payday debt trap, paying half of her income in interest fees. Her phone was disconnected and she needed emergency help to pay her rent.
Act now to keep Payday lending out of our state!
Please call your Senator today. To get their phone number, find your county and click on your Senator’s name. If there is more than one Senator from your county, please call them all.
Please call Senate leaders today:
Senator Phil Berger (Rep), President Pro Tempore, 919-733-5708
Senator Tom Apodaca (Rep), Rules Committee Chair, 919-733-5745
Our message is simple:
Oppose 400% annual interest rate loans. Vote NO on SB 89. We spent years getting these predatory loans out of our state. Do not let them back in!
It is much more effective to call, but if you can’t call, please email your Senator and these two Senate leaders.
If you have any questions, please contact Susan Lupton at the Center for Responsible Lending at email@example.com or 919-313-8521.
Cartoon by John Trevor of the Albuquerque Journal.