Community groups and advocates stepped up their campaign up against the predatory payday loan industry this week by releasing coach adverts on VTA’s Route 22 along with 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 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 communities and capping the sum total wide range of cash advance outlets permitted in the complete town in the present wide range of 39. San Jose could be the city that is largest in the nation to impose a capon the sheer number of payday financing stores, as well as the very very first to consider a ban on 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 cash advance companies in unincorporated regions of the county.

“Families residing paycheck to paycheck, struggling to produce ends satisfy, often fall victim to payday loan providers’ provides 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 settle, after their circumstances cause them to over and over over and over over and over repeatedly borrow just just what in essence is the identical $300 again and again,” said Kyra Kazantzis of Public Interest attorney, a course regarding the Law Foundation of Silicon Valley.

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