Community groups and advocates stepped up their campaign up against the predatory payday loan industry this week by starting coach adverts on VTAвЂ™s Route 22 along with other coach lines in Santa Clara County. The вЂњDonвЂ™t Get Trapped!вЂќ ads build in the City of San JoseвЂ™s present ordinance restricting payday lending within the town.
The San Jose City Council recently voted 9-1 to approve a land usage ordinance banning payday that is new operations from opening in low-income communities and capping the full total wide range of cash advance outlets permitted in the whole town during the present quantity of 39. San Jose may be the city that is largest in the nation to impose a capon how many payday financing stores, in addition to very first to look at a ban on brand brand new payday lending companies in low-income census tracts. The Santa Clara County Board of Supervisors additionally voted unanimously to impose a moratorium that is permanent pay day loan companies in unincorporated regions of the county.
вЂњFamilies residing paycheck to paycheck, struggling to produce ends satisfy, often fall victim to payday lendersвЂ™ offers of fast, convenient payday loans. Borrowers often donвЂ™t understand that a two-week, $300 loan eventually ends up costing a huge selection of dollars to repay, after their circumstances cause them to repeatedly borrow just exactly what in essence is similar $300 again and again,вЂќ said Kyra Kazantzis of Public Interest attorney, an application of this Law Foundation of Silicon Valley.