Online lenders are taking advantage of American borrowers. This predatory lending practice must be stopped.
Consumer Financial Protection Bureau
Sign MoveOn’s petition and urge the Consumer Financial Protection Bureau to protect Americans from predatory lending by the fintech industry.
Online financial technology companies, known as “fintech” firms, say that they are offering consumers an easy and convenient way to borrow money. What they’re actually doing is evading usury laws and forcing borrowers to repay exorbitant amounts in interest, late fees, and other charges.
These high-interest, high-risk loans are predatory lending, and they hurt borrowers who have low income, limited financial means, and negative or limited credit history. To prey on people, especially now, when the COVID-19 pandemic has caused many Americans to lose income and have to borrow money, is unconscionable.
Fintech lenders charge outrageous fees, leaving the borrowers even worse off than before. And borrowers who take out loans from fintech companies have few legal protections; they’re not even legally allowed to take the companies to court.
The Consumer Financial Protection Bureau must take immediate action and pass regulation to stop the fintech industry from taking advantage of Americans.
That’s why we’re asking you to sign MoveOn’s petition urging the Consumer Financial Protection Bureau to stop online predatory lending.
Online financial technology companies, known as “fintech” firms, say that they are offering consumers an easy and convenient way to borrow money. What they’re actually doing is evading usury laws and forcing borrowers to repay exorbitant amounts in interest, late fees, and other charges.
These high-interest, high-risk loans are predatory lending, and they hurt borrowers who have low income, limited financial means, and negative or limited credit history. To prey on people, especially now, when the COVID-19 pandemic has caused many Americans to lose income and have to borrow money, is unconscionable.
Fintech lenders charge outrageous fees, leaving the borrowers even worse off than before. And borrowers who take out loans from fintech companies have few legal protections; they’re not even legally allowed to take the companies to court.
The Consumer Financial Protection Bureau must take immediate action and pass regulation to stop the fintech industry from taking advantage of Americans.
That’s why we’re asking you to sign MoveOn’s petition urging the Consumer Financial Protection Bureau to stop online predatory lending.
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To:
Consumer Financial Protection Bureau
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[Your Name]
Protect consumers from predatory online lenders.