Community groups and advocates stepped up their campaign contrary to the predatory payday loan industry this week by starting coach ads on VTA’s Route 22 as well as other coach lines in Santa Clara County. The “Don’t Get Trapped!” ads build from the City of San Jose’s ordinance that is recent payday financing within the town.

The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning brand new pay day loan operations from starting in low-income communities and capping the sum total amount of pay day loan outlets permitted in the whole town during the present quantity of 39. San Jose may be the biggest town in the nation to impose a capon the amount of payday financing stores, while the very very very first to consider a ban on brand brand brand brand new payday financing companies in low-income census tracts. The Santa Clara County Board of Supervisors additionally voted unanimously to impose a permanent moratorium on pay day loan companies in unincorporated regions of the county.

“Families residing paycheck to paycheck, struggling to help make ends fulfill, often fall victim to payday lenders’ offers of quick, convenient payday loans. Borrowers usually do not recognize that a two-week, $300 loan eventually ends up costing a huge selection of bucks to repay, after their circumstances cause them to over and over repeatedly borrow exactly exactly exactly exactly what in essence is the identical $300 again and again,” said Kyra Kazantzis of Public Interest law practice, a course for the Law Foundation of Silicon Valley. Continue reading