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Predatory Lending : Issue Briefs

  • ERLC opposes the OCC’s “True Lender” rule

    The ERLC opposes unjust lending practices that exploit the vulnerable, are predicated on consumer loss, and trap families in cycles of debt. Payday lending serves as a significant contributing factor to the economic struggle for many Americans. The practice of providing short-term cash loans at unreasonably high interest rates forces families and individuals to make

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  • ERLC supports the Veterans and Consumers Fair Credit Act

    The ERLC opposes unjust lending practices that exploit the vulnerable, are predicated on consumer loss, and trap families in cycles of debt. Payday lending serves as a significant contributing factor to the economic struggle for many Americans. The practice of providing short-term cash loans at unreasonably high interest rates forces families and individuals to make

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  • Payday Lending

    What is payday lending? Payday lending is the term used to describe the practice of lending small amounts of money to people, usually $350 or less, for two week periods, i.e., until their next payday. In return the borrower pays interest on the loan when it is due at the end of the loan period. 

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