Project Association:
Payday & Auto Title Lending Reform
Do you know about financial wellbeing in Texas?
The COVID-19 pandemic and its continuing aftermath has created a lot of financial insecurity for Texans. The Texas Fair Lending Alliance (TFLA), of which Texas Appleseed is a member, just launched a new website to provide timely data about financial wellbeing in Texas and the related harms of payday and auto title loans. It also provides resources and information to empower people to take action. The website offers answers to important questions like:
- How many Texans struggle to pay household expenses?
- How have Texas households fared financially since March of 2020?
- Who uses payday and auto title loans in Texas?
- How is it legal for payday and auto title loan businesses to charge rates in excess of 500% interest?
- Where do I go for help?
Test your financial wellbeing knowledge in Texas by taking this quick 5-question test!
The Texas Fair Lending Alliance is a community-driven coalition of over 60 organizations and individuals. The Alliance was formed in 2012 in response to a groundswell of grassroots support to reform abusive payday and auto title lending practices. Nonprofits were seeing their local budgets drained helping families get out of these loans that carried huge interest rates and were working to save borrowers from losing their cars to auto title loans (over 39,500 cars were repossessed by these outfits in 2021 alone).
This new website highlights key data about financial wellbeing in Texas, the important work of the coalition, and the ongoing efforts to reform abusive payday and auto title lending in Texas. Please make sure to check it out! We would love to hear from you and to work with you to make Texas a place where families can thrive financially without predatory loans getting in the way.
Click here to subscribe to the TFLA newsletter and stay informed on the work TLFA is doing! And don’t forget to follow the Alliance on Twitter and Facebook to stay up to date on relevant news, reports, and webinars focused on financial wellbeing in Texas!