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In the Battle Over Florida’s Racially-Charged Cash Advance Racket

In the Battle Over Florida’s Racially-Charged Cash Advance Racket

When Jon Gomez required some cash that is quick fix a cooling fan in their 2007 Toyota, the 38-year-old delivery driver relied on a favorite economic solution made available from Amscot—The Money Superstore. The Cuban-American said he took away a $400 pay day loan at certainly one of their areas in Hialeah, Florida, where he lives.

All Gomez had to do was prove employment and write out a personal check from a valid bank account post-dated by 14 days, at which time he was set to receive his next paycheck to get the four Benjamins. He consented to pay back the amount that is full along with a $41 finance cost, Gomez recalls.

“we reimbursed the $441, however the overnight, I took away another $400 pay day loan because we required the amount of money,” he told VICE. “I happened to be in this cycle that is vicious 3 months.”

It reached a spot that the man did not have money that is enough protect one of is own pay day loan checks, also it bounced. Under Florida legislation, Gomez cannot get another payday loan until he settles the outstanding one. “That ended up being a blessing in disguise,” he recalls. “we will not place myself with debt that way once more.”

Gomez is one of the tens and thousands of cash-strapped Floridians whoever misery that is financial helped payday lenders like Amscot rake in billions throughout the last ten years, in accordance with a research released the other day taking a look at cash advance deals within the state between September 2005 through might 2015. The report ended up being put together because of the middle for Responsible Lending, a customer advocacy company for low-income individuals, plus the nationwide Council of Los Angeles Raza, the Florida Alliance for customer Protection, and Latino Leadership Inc, an agency that is nonprofit in Orlando.

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