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During #SharkWeek 2015, National People’s Action Demands an End to Predatory Payday Loan Shark Lending Practices


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During #SharkWeek 2015, National People’s Action Demands an End to Predatory Payday Loan Shark Lending Practices

WASHINGTON - Activists from California to Maine are focusing attention on a different kind of shark during the celebrated summer tradition of Shark Week this July. While marine sharks only injury a handful of Americans each year, payday loan sharks trap 12 million Americans in a devastating cycle of debt annually. These predatory lenders lurk online and in neighborhoods across the country leaving struggling families drowning in debt because of deceptive terms, automatic “rollovers”, staggering fees and interest rates averaging over 300 percent annual percentage rate (APR).

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Solve the problem completely by allocating federal money to credit unions for low-hassle small loans to members. The loansharks would evaporate.