by City Information Provider
LOS ANGELES вЂ“ The l . a . County Board of Supervisors voted Tuesday to do something to guard customers from payday loan providers along with other high-interest loan items.
Supervisor Hilda Solis suggested dealing with lenders that are high-cost whom she stated victimize low-income families.
вЂњWhile certified high-cost loans really are a appropriate industry, their products or services frequently trap our communities within an unrelenting period of financial obligation,вЂќ Solis said. вЂњTodayвЂ™s action hits a stability between making sure borrowers gain access to emergency that is affordable, while protecting them from those that would victimize our many vulnerable low-income residents.вЂќ
SolisвЂ™ movement, co-authored by Supervisor Sheila Kuehl, directs staffers to analyze guidelines into the customer security arena and appearance at whether zoning guidelines could possibly be utilized to restrict payday loan providers along with other companies providing high-interest installment loans and automobile name loans.
Approximately 160 payday that is high-cost run in Los Angeles County and about one-third are situated in the 1st District in low-income, predominantly Latino areas, in accordance with Solis, whom represents that district. She stated seniors that are many count on these high-interest loans to obtain by, characterizing clients as вЂњpeople which are residing regarding the side.вЂќ
Kuehl stated it is vital to let people know вЂњthere are alternatives to those usurious techniques.вЂќ