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4 tweets,
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1. The nation's payday lenders are at Trump National Doral Miami today playing golf.
It costs $450 per round.
They can afford it.
Trump just gutted basic borrower protections imposed by Obama. The change is worth $7 billion annually to payday lenders
popular.info/p/payday-party
It costs $450 per round.
They can afford it.
Trump just gutted basic borrower protections imposed by Obama. The change is worth $7 billion annually to payday lenders
popular.info/p/payday-party
2. Payday lending works by trapping people in a cycle of high-interest debt. You borrow $500 and owe $575 two weeks later.
But you can't afford it so you take out another loan.
60% of payday loans are part of a sequence of 7 or more consecutive loans.
popular.info/p/payday-party
But you can't afford it so you take out another loan.
60% of payday loans are part of a sequence of 7 or more consecutive loans.
popular.info/p/payday-party
3. The effective interest rates can approach 400%.
Obama admin proposed a couple of simple changes. Lenders had to check to see if borrowers could plausibly pay back the loans. (Something all traditional banks do.) And no more than 3 consecutive loans.
popular.info/p/payday-party
Obama admin proposed a couple of simple changes. Lenders had to check to see if borrowers could plausibly pay back the loans. (Something all traditional banks do.) And no more than 3 consecutive loans.
popular.info/p/payday-party
4. Trump just rescinded those rules. Now payday lenders can continue to exploit those that can least afford it to the tune of $7 billion per year.
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