WFAA Dallas: New Non-profit to Compete Against Payday Lenders
November 11, 2014
Three years ago, Dallas passed an ordinance making it harder for payday lenders to operate. Today, only half of the 240 storefronts still exist. “I heard it over and over again from payday and auto title [lenders]. ‘Who else will lend to these poor people? That’s why we have to charge 400-500 percent.’ Well, guess what? We just came up with an alternative,” said City Council member Jerry Allen, a former personal banker. Read more here.