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Today the New Hampshire House took a courageous stand against predatory payday lenders. The house passed a measure that caps payday lending interest rates at 36%. "The New Hampshire house showed real leadership today, siding with the hardworking citizenry of New Hampshire against the predatory, criminal lending practices of payday lenders. These lenders spent their time, energy, and money in the past few weeks trying to convince the New Hampshire house to abandon its commitment to restoring financial fairness to New England. They failed" says John LaCombe, executive director of CapAmerica. "We need the Senate and Governor Lynch to follow the House in their move to protect New Hampshire's most vulnerable residents by passing and signing this 36% interest rate cap into law".
Currently the states of Virginia, Ohio, and South Carolina are struggling with issues relating to payday lending in their legislatures. John LaCombe, at a recent meeting of advocates in the Virginia fight, issued a clear warning to the payday lenders. "You come to our states with your money, hoping to buy your way into special protections under the law. You come to our states with your media campaigns, in an attempt to somehow legitimize your criminal lending practices. You come to our states with your lending practices, and ensnare our citizens in a cycle of debt, from which there is little chance of escape. You need to know, whether you are Advance America, Check 'n Go, Check Into Cash, or a mom and pop payday lender. Whether you are the CFSA, Tommy Moore, or high powered lobbyists taking blood money to advance the payday lender's cause, we come to these states as well, and we come prepared to fight. We will rise up grassroots coalitions across the country that will hold legislators accountable for their actions relating to payday lending. We will cap payday lending interest rates across this country, and we will eliminate the special rights payday lenders enjoy in too many of our United States".
Payday lenders enjoy “special rights”, because in many states they are granted exemptions to state usury laws. In Virginia, for example, interest rates are capped at 36% unless you are a payday lender. "Based upon their predatory practices, payday lenders exploit these special rights, and use them to victimize the poor and minority communities in states where they operate" says Lacombe.
CapAmerica is an organization dedicated to eliminating predatory payday lending across the country. We will work to support victims of organizations that ensnare people in a cycle of perpetual debt, and support alternative programs that meet small loan needs. We will work to encourage predatory lenders to change their usurious practices, and provide support to employees of such organizations that wish to come forward and report illegal or unethical activities.
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outreach[.]capamerica.org 
