Border Interfaith & EPISO Undercut Payday Lending Market with $13 Million Alternative Lending Program

Financial Reform
Monday, March 16, 2015 - 15:30

Border Interfaith & EPISO Undercut Payday Lending Market with $13 Million Alternative Lending Program

For the second time in one year, IAF organizations (EPISO and Border Interfaith) dealt a harsh blow to the bottom line of payday lenders in El Paso, Texas.

During last year’s fight to restrict how much payday lenders can legally make off the backs of lower-income families, opponents from the lending industry couched their financial predation under the guise of “providing a valuable service” to residents.  After winning a significant victory in 2014 limiting payday lending profits, leaders wanted more.

In financial literacy civic academies held in the poorest neighborhoods of El Paso, families revealed that when a tire blew, or a child got sick, they needed fast cash.  They had the capacity to repay small loans, but were shut out of traditional consumer credit markets due to lack of income or credit…(more here)