Categories
payday loans loveland co

Getting New Jersey to Divest from Payday Lending

Getting New Jersey to Divest from Payday Lending

NJ Citizen Action states having a state pension investment spent, also indirectly, in a form of lending unlawful within the state cannot stand.

When Phyllis Salowe-Kaye discovered that the newest Jersey State Investment Council had spent $50 million state pension bucks with an exclusive equity company which used a few of the funds to buy a predatory payday loan provider, she had the proverbial roof. The executive that is longtime of brand new Jersey Citizen Action quickly assembled a robust coalition of customer security and civil liberties advocates and began using stress on the payment to offer its stake when you look at the company. Payday financing is unlawful in nj-new jersey and she considered the usage of state bucks to acquire a lender that is payday at ab muscles least, a breach of ethics and conflict of interest when it comes to payment.