Groups Call on Bank to Stop Offering ‘Predatory’ Payday Loans

August 12, 2013
Legal Newsline  
payday lending news

A coalition of community groups that include the National People’s Action, GRO-Missouri, Illinois People’s Action, and Iowa CCI have demanded that Regions Bank stop offering its Ready Advance loan. The groups representing the tri-state area contend that the product is a form of "predatory" payday lending. Interest on a Ready Advance loan can exceed 300 percent on an annual basis; and its business model relies on “debt traps” and “non-existent underwriting,” the organizations complain. In a letter to Regions Financial Corp. Chairman, President, and CEO Grayson Hall, they requested a meeting within 30 days and a “direct response” from the executive by Aug. 30. The letter argued that Ready Advance loans are used by “vulnerable” borrowers, including the elderly, the poor, and people with disabilities.
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`