OAKLAND, CA вЂ“ The Ca Department of company Oversight (DBO) recently circulated its 2016 report regarding the stateвЂ™s lending industry that is payday. The analysis showed the true quantity of seniors caught when you look at the financial obligation trap, age 62 and older, almost tripled since 2015. The research additionally revealed that apr (APR) of these pay day loans rose to 372 per cent, up from 366 per cent reported within the year that is previous that the industry continues to be heavily depending on perform borrowers.
”the sheer number of seniors caught into the payday that is vicious financial obligation trap is concerning and indicative of this sort of team the industry objectives,” stated Graciela Aponte-Diaz, Ca Policy Director during the Center for accountable Lending (CRL). ”Struggling Ca seniors frequently reside down their social protection advantages or other fixed incomes to create ends fulfill.