State by state, lawmakers back consumer groups on payday loans.
Slowly these groups are helping create support for new laws banning short-term high-interest loans.
Not only are cities and states coming down on these loans by either making them outright illegal or limiting where they can operate, many major banks are joining the movement.
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Consumer groups have created a movement against payday loans.
These groups can consist basically of people who are concerned with the ramifications high interest short term loans have on the poor and disadvantaged.
They are making noise to take action against these companies.
Many different groups fall under this title, and some are very influential in the government.
As they work together by calling to ban these loans, they are creating quite a stir in the loan industry, and in local governments.
Is it working?
Oh is it ever working. Not only are local governments hitting these guys hard quite a few major banks have taken notice and are now discontinuing these loans.
Wells Fargo, US Bank and Regions Bank are just a small list of banks who are listening to the people and are dropping payday loans.
Cities have banned the loan companies from doing business in high traffic areas and in some cities made it outright illegal doing business at all.
Online loans are being banned in state after state, and now groups are going after the legality of the inflated rates these companies charge.
The power of the people can still move mountains, and there is always strength in numbers.
We here at Help With Payday Loan Debt support these movements and are glad they are finally taking place.
If you have out of control payday loan debt let us help! Call us toll-free at 1.877.280.5100 or fill out our form for a free no-obligation quote on how we can help!
Let’s all keep supporting these changes and hopefully, in the not too near future we will have eliminated this problem.
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