Community groups and advocates stepped up their campaign up against the predatory payday loan industry this by launching bus advertisements on VTAвЂ™s Route 22 and other bus lines in Santa Clara County week. The вЂњDonвЂ™t Get Trapped!вЂќ ads build in the City of San JoseвЂ™s present ordinance limiting payday financing into the town.
The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning payday that is new operations from starting in low-income areas and capping the full total amount of cash advance outlets allowed in the whole town in the present wide range of 39. San Jose could be the biggest town in the nation to impose a capon how many payday financing stores, and also the very very first to look at a ban on brand new payday financing companies in low-income census tracts. The Santa Clara County Board of Supervisors also voted unanimously to impose a permanent moratorium on pay day loan companies in unincorporated aspects of the county.
вЂњFamilies residing paycheck to paycheck, struggling in order to make ends fulfill, often fall victim to payday lendersвЂ™ offers of fast, convenient payday loans. Borrowers often donвЂ™t understand that a two-week, $300 loan ultimately ends up costing a huge selection of bucks to settle, after their circumstances cause them to over and over repeatedly borrow exactly just what in essence is the identical $300 again and again,вЂќ said Kyra Kazantzis of Public Interest lawyer, an application associated with Law Foundation of Silicon Valley.