xtra cash payday loan

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                                            Whom to Call
Other                                       If a payday lender has violated ANY of your              Don’t Get Trapped By
Options!                                    rights, please contact: Department of
                                            Corporations Client Resource Center:
                                            1-866-ASK-CORP (275-2677)
•   Delay purchasing expensive items        or make a complaint online at: http://
    until you have more money saved.

•   Borrow money from a family member       If a lender is harassing you to repay your
    or friend.                              loan, contact the California Attorney General
                                            at 1-800-952-5225 or the Federal Trade
                                            Commission at 1-877-FTC-HELP (382-
•   Apply for a credit card.
•   Ask your employer for an advance on
                                            Military borrowers can seek financial advice
    your paycheck.                          from Military One Source at 1-800-464-8107.
•   Build an emergency savings
                                            Tell Us Your Story
•   Seek out good credit counseling at
                                            To share your story and help warn oth-
                                                                                                     Payday Loans! or 301-589-5600
                                            ers, or for more copies of this brochure
                                            please contact:
If a Payday Loan is Your
Only Option, Choose Wisely                  California Reinvestment Coalition
    Compare lenders for the lowest fees.
    Some credit unions offer cheaper
                                                    474 Valencia Street, Suite 110                            Avoid High Fees,
                                                      San Francisco, CA 94103
    payday loans with more time to repay.                  (415) 864-3980                                  458% APR or higher
                                                        (415) 864-3981 (fax)
•   Borrow only what you can afford to         
    repay with your next paycheck.
                                            The California Reinvestment Coalition advocates for
•   Know when your payment is due, and      the right of low-income communities and communi-                California
    pay the loan on time and in full.       ties of color to have fair and equal access to banking          Reinvestment
•   Avoid borrowing from more than one
                                            and other financial services. CRC has a membership
                                            of more than 240 nonprofit organizations and public
                                            agencies across the State.
                                                                                                     crc    Coalition
    lender at a time.
                    Lenders                            You Pay:
                                                  What You Pay:                                            Loans
                                                                                                     These Loans
                     Target:                       •     You write a $300 check                      are Addictive
                                                   •     You get $255 in cash                        Payday loans are intended to be
             •       Working Poor
                                                                                                     taken out for emergencies, but many
             •       People of Color               •     In 2 weeks the lender                       struggle to pay the loan back and
             •       Military Personnel                  cashes your check                           have to keep borrowing more money,
             •       Single Parents                                                                  taking out loan after loan. People
             •       Immigrants                    •     Interest paid: $45                          become trapped in a cycle of debt
                                                                                                     from which they cannot escape.
 How Payday Loans Work:                            •     APR: 459%
Payday loans are short-term cash loans                                                               Studies show borrowers take out an
based on a personal check written by a                                                               average of 10 to 13 loans per year
                                                   *Note: You can also return and pay                from a single lender, and some may
borrower. A lender holds the check until the       with cash to reclaim your check
borrower’s next payday when the loan and                                                             even have loans from other payday
                                                   before it is deposited.                           lenders at the same time.
a finance charge must be paid all together.

 Know Your Rights When Dealing with Payday Lenders!!!
 • In California, the maximum     • It is against the law for a         • A payday lender cannot send       date or make payments on an
 legal amount of a payday loan is payday lender to offer you more       you to jail or press criminal       existing payday loan. The lender
 $300, which includes the fee.    than one payday loan at a time.       charges against you for a           cannot charge you extra.
                                                                        bounced check. A lender can
 • The fee for a payday loan        • If the check you wrote for the    take you to small claims court to   • The lender cannot require
 should not exceed 15 percent of payday loan bounces, both the          collect on a delinquent loan.       you to purchase other goods/
 the face value of your check.      lender and your bank will charge                                        services to get a payday loan.
                                    you a fee.                          • The lender can’t resubmit a
 • Lenders are required to publicly                                     bounced check to your bank          • If the lender spoke to you in a
 display the cost of the loan with  • It is illegal for the lender to   more than three times.              language other than English,
 both the finance charge and the    charge you more than $15 for                                            then your loan documents should
 Annual Percentage Rate (APR).      a bounced check.                    • You can ask to extend the due     be in that same language.

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