Anti-Payday Lending Initiative

Anti-payday lending advocacy work in Santa Clara County is led by the Coalition Against Payday Predators (CAPP), of which SUSV is a member. Payday lending is a predatory loan product with exorbitantly high interest, short-term loans. To make a profit, payday lenders count on the fact that borrowers can’t repay the loan amount in two weeks and are forced to take out yet another loan to cover the repayment. California borrowers take out an average of between 7 and 10 loans per year. These loans contribute to poverty by keeping economically vulnerable members of our community in a cycle of debt. Step Up Silicon Valley works to raise awareness of the issue and advocate for policy changes to the predatory payday practice.

LIST OF FUNDERS

Law Foundation
Silicon Valley Community Foundation

NEXT STEPS

The next steps are to develop fair and responsible alternatives to payday loans and to regulate payday lending activities. The Coalition Against Payday Predators (CAPP) is in active discussion with community leaders and innovative thinkers to explore the possibilities of creating alternatives to payday lending and to reform the product as it is currently permitted in California. For more information on CAPP contact Kyra Kazantzis, [email protected]. You can follow news about the movement against payday lending here: https://twitter.com/PaydayReform