Breaking the cycle of payday loan debt
Loans due in full on your next payday. No installments. No exceptions.That's a big reason why the average payday loan borrower in Iowa takes out 12 or more loans each year. And it's why we've heard from folks who were stuck in the same payday loan debt for years, never being able to catch up.To break this cycle of debt, CCI Action members and other allies have crafted a bill in the Iowa legislature to allow a borrower to pay off their loan over 6 pay periods with no additional fees (known as an extended payback period).Extended payback periods would prevent much of the repeat borrowing every two weeks that the payday loan industry uses to reap immense profits at the expense of our pocketbooks.
Take Action!
- Would you or someone you know have benefited from an extended payback period on a payday loan? Tell us your story by emailing matthew(at)iowacci.org or calling 515.255.0800. Collecting stories is a powerful way to show our legislators that they need to take action on this issue.
- Know more about the impacts of payday lending by checking out this latest report on the industry and its costs to our communities here.
Join the Fight
- Contact us for more information
- Join as an Iowa CCI Action member
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