Yesterday, CUFA members joined leaders from Labor and other community groups to Stop the Debt Trap of payday lending. CUFA spoke at a press conference to stop predatory lending practices and to tell the Consumer Financial Protection Bureau (CFPB) to close the loopholes for payday lenders.

The average income of a payday loan borrower is $23,000 or below, and the interest charged is up to 400%. CUFA fought these kinds of loans in Ohio and gained some protections for borrowers. Now we want to encourage former Ohio Attorney General and current CFPB director Richard Cordray to strengthen the rules regulating payday lenders. We know people need access to small, short-term loans, but we also know lenders should not gouge the people who can afford it least.

Help stop the debt trap for thousands of low-income people. Click here to tell the CFPB to #StopTheDebtTrap.