Community groups and advocates stepped up their campaign from the predatory payday loan industry this by launching bus advertisements on VTA’s Route 22 and other bus lines in Santa Clara County week. The вЂњDon’t Get Trapped!вЂќ ads build in the City of San Jose’s present ordinance limiting payday financing within the town.
The San Jose City Council recently voted 9-1 to accept a land usage ordinance banning brand new pay day loan operations from starting in low-income communities and capping the sum total amount of cash advance outlets allowed in the complete town in the present wide range of 39. San Jose could be the city that is largest in the united kingdom to impose a capon the amount of payday financing stores, as well as the first to consider a ban on brand new payday financing 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 aspects of the county.
вЂњFamilies residing paycheck to paycheck, struggling to produce ends satisfy, often fall victim to payday loan providers’ offers of quick, convenient payday loans. Borrowers often do not 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 the identical $300 again and again,вЂќ said Kyra Kazantzis of Public Interest law practice, a course associated with Law Foundation of Silicon Valley.