Pay day loans are marketed as crisis dollar that is small. However with yearly interest levels that normal 400%, these loans are dangerous financial obligation traps and possess an effect that is devastating low-income communities, and disproportionately, individuals of color.

Payday financing is unlawful in nj-new jersey, but payday loan providers victim on New Jersey customers online or serving when you look at the armed solutions away from state. NJCA is campaigning difficult for a solid payday lending legislation through the customer Financial Bureau (CFPB) to guard customers in New Jersey from predatory payday loan providers and their financial obligation trap loans. Continue reading →