Payday Loans

Stop Payday Lending

Payday loans are short term loans (usually about 14 days) that are secured by the borrower's paycheck.  Because the lender knows that the borrower is both eager for the loan and unlikely to be able to pay it back, they are allowed to charge a high rate of interest.  If the borrower can't repay it, they are allowed to refinance it.  In the end they run about 260% APR.  These loans are ruinous to many borrowers, causing bankruptcy and/or loss of housing.  The RI bill would limit lenders to 36%APR.  

Payday loan bill summary

A summary of this year's legislation

Payday Lending Fact Sheet

a fact sheet on payday lending in RI

Making Change Happen

This month's calendar is full of ways to help work for change.  There are meetings and legislative press conferences, general assemblies and vigils.  At a recent Occupy meeting I listened to a young activist lending support to some work on the state legislature say "We have to do more than march around in the street.  The marching is good, but we have to talk to people who can make things better". 

RI State House Watch

Check out the regularly updated State House Watch for hearing dates and links.

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