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Exactly Why Are Florida Legislators Siding With Predatory Payday Lenders?

Exactly Why Are Florida Legislators Siding With Predatory Payday Lenders?

By Benjamin F. Crump Principal and Owner, Ben Crump Law

Into the 1980’s we saw break cocaine dealers on every part in low-income Ebony neighborhoods. For too long, we’ve seen payday lenders in a lot of instances occupying the identical corners within the really exact same areas. Yet, today, as we speak, our Florida legislators are busy doing the putting in a bid of payday loan providers in the place of standing for individuals that are ensnared inside their trap. We ought to ask the question: Why do our elected officials believe that 200 % rate of interest loans must certanly be peddled within our communities?

Payday financing puts the burden of exceptionally interest that is high on folks of exceedingly low means. And these loans provide no value, but rather provide to methodically redistribute wide range from low-wealth communities to big, corporatized lenders that are predatory. And also as with many other problems, that is the one that has an impact that is devastating the textile of Ebony and Latino communities.