August 6, 2014
Contact: Terri Sterling
It’s a Shark Attack
ICAN Members Warn, “Don’t Get Bit By Predatory Lending”
LEWISTON ID- Idaho Community Action Network (ICAN) members and Lewiston families harmed by predatory loans are biting back this week by drawing attention to the numerous payday and title loan businesses on Lewiston’s 21st Street and the need for the City of Lewiston to limit the growth of these types of businesses.
ICAN leaders will turn out Wednesday on 21st Street in front of these loan companies with flyers, petitions and large banners warning residents, “Don’t Get Bit by Predatory Lending,” and “It’s A Feeding Frenzy”.
“I struggle with payday loan debt, and I think that our local and state governments have a responsibility to restrict the harmful businesses in our community. They are bad players-taking money out of our community, states Alison Smith, Lewiston resident in a report released by ICAN this week, Predatory Lending Practices Negatively Impact Lewiston Valley Residents And The Local Economy.
Idaho, without an interest rate cap, has the highest interest rates in the nation at 582%APR, yet the state legislature continues to dismiss the need for a state rate cap that would limit the interest rate at 36%. As a result, Idaho becomes a “feeding frenzy” for predatory lending and the responsibility falls on local governments to limit the number of lenders they will allow. Caldwell recently adopted such an ordinance.
This is the first in a series of “shark attack” actions members will participate in this week. On Thursday members will turn out again, moving up the hill to payday lenders on Thain Grade followed by a rally in front of City Hall with members delivering the report to the Mayor and City Council and demanding local action.
WHO: Idaho Community Action Network members and local residents
WHAT: Demonstration for city ordinance limiting predatory loan companies
WHERE: 21st in front of EZMoney, Quick Cash, and Check into Cash
WHEN: Wednesday August 6, 2014 — 12:15-1:15pm