DORAL, FLA. (WSVN) - Local faith leaders led a demonstration in Doral against predatory lenders, Tuesday.
More than 20 people were joined by an economist to protest the annual conference of the National Payday Lender Association at the Trump National Doral golf resort.
That economist, Dr. Julianne Malveaux, said lenders are taking advantage of low-income residents.
“As an economist, I’m especially concerned that African-American, Latino people, low-income people are being exploited by this payday lending industry,” she said. “They call themselves ‘small dollar lenders,’ but the fact is that their small dollars turn into big dollars out of people’s pockets.”
Payday and car title lenders can strip as much as $8 billion annually from struggling, low-income families.
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