San Antonio has been at the forefront of trying to facilitate responsible payday lending practices, but the process hasn't been easy.
Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher.
What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks associated with borrowing from these types of "quick cash" services?
How could the Consumer Financial Protection Bureau's rescinding of a proposed payday loan rule affect borrowers and the payday lending industry? How are state and local polices addressing predatory payday lending?
Guests:
- Ann Baddour, director of the Fair Financial Services Project at Texas Appleseed, a partner organization in the Texas Fair Lending Alliance
- Lisa Stifler, deputy director of state policy for The Center for Responsible Lending
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This interview aired on Wednesday, March 27, 2019.
