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Call to Action: PayDay Lending

posted Jul 26, 2017, 5:18 PM by Sophia Webmaster

Banks Should Stay Out of Payday Lending

In past years, WISDOM took on payday lending in Wisconsin and was successful in gaining protections to cap interest rates and limit the number of rollovers allowed. We believe regulation of lending is a moral issue. No amount of corporate lobbying or campaign contributions can blind people of faith to the clear moral and ethical imperative to protect the needy from the unscrupulous.

Banks want to back in to the payday lending business. They are attacking hard won consumer protections like the ones we fought hard to win in Wisconsin. We have to stop them!

Here’s what you can do to help right now: 
Sign on to this letter urging banks to pledge not to enter the payday lending business. Share this with members of your congregation and ask them to sign on too.

Predatory payday lending has devastating effects on Wisconsin families and communities. It strips consumers of their hard-earned money, traps borrowers in a never-ending cycle of high-cost debt, and preys on American families precisely when they are struggling with the most difficult circumstances.

Wisconsin’s predatory lending industry profits exceed 500% interest on loans. These loans disproportionately impact communities of color. The Wisconsin Department of Financial Institutions reports there are 222 licensed payday lenders operating in Wisconsin. Wisconsin consumers to pay over $500 million dollars annually in excessive fees.

Thanks for your support. Click here for more information and a report by the Center for Responsible Lending.