MINNEAPOLIS (WCCO) — A number of community leaders came together Tuesday to speak out against what they call predatory loans that target the poor.
The group held a protest outside a Payday America in Minneapolis, where they accused payday lenders of charging unreasonably-high interest rates and fees for emergency loans.READ MORE: Mayo Clinic Study: Some Cancer Treatments May Inhibit Immune Response To COVID Vaccination
They say the loans trap 12 million consumers a year in a cycle of debt they can’t escape.READ MORE: Video Shows Hennepin Co. Sheriff Hutchinson Claim He Wasn't Driving After DWI Crash In December
“People have to have a fair chance, and it is not good enough to say to our poorest people, the people who are on the edge, that it’s OK to pay 4, 5, 6, 700 percent interest rates,” Rev. Grant Stevensen said.
The group, made up of area faith leaders and clergy, sent a letter to Rep. Keith Ellison and the Consumer Financial Protection Bureau.MORE NEWS: Timeline: Events Since George Floyd's Arrest, Murder On May 25, 2020
They want more regulation on the payday loan industry, including a cap on the maximum interest rate.