SEIU members know that high-interest loans devastate low-income families. Payday loans, typically gouging consumers with 500% interest, have been responsible for trapping working families into spiraling and sometimes inescapable debt.
Payday lenders had successfully blocked any efforts to provide protections for working families for years.
We worked in broad coalition with legislative leaders and other Oregonians — consumer groups, faith-based organizations, and hunger and homeless advocates — to successfully pass a 36% interest cap on all consumer loans (HB 2871). This legislation will strengthen families by ensuring loans are both accessible and affordable when families face tough times.
| Foto of Kristi Krinock
:"Payday loans are important to me because when my paycheck isn't enough to pay my bills for the month, sometimes I need a payday loan. Now that the interest rate is capped it has stopped the vicious cycle of having to take out a loan to cover my loans and I can pay it off the first time."
Kristie Krinock
Independent Living Skills Instructor
Alvord Taylor
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