Texas Appleseed promotes social and economic justice for all Texans by leveraging the skills and resources of volunteer lawyers and other professionals to identify practical solutions to difficult social problems. Unlike other organizations, Texas Appleseed works on behalf of a wide range of constituents -- and through research, advocacy, protection of legal rights and public awareness, succeeds in changing laws and policies to achieve greater justice for all people. Texas is currently home to about 400 payday, auto title, and other small dollar lenders operating out of 2500 storefront locations across the state. They offer short-term loans, usually 0 or less, at an average of 500% APR for a two-week period. Many payday borrowers end up owing more in fees than the original loan amount. Despite the high cost to borrow small amounts of money for a short period of time, there is a demand for these loans -- an estimated billion a year in Texas alone. Texas Appleseed is working to close a loophole in state law that allows payday and other small-dollar lenders to register as a credit services organization and thereby avoid state licensing and consumer protections that apply to other small lenders in Texas. Texas Appleseed is also working with the FDIC to encourage more Texas banks and credit unions to offer affordable small-dollar loan options.
Tags: Appleseed
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