New Documentary Details ‘David and Goliath’ Battle Against Payday Lenders in 2016 Southern Dakota Ballot Measure

Movie shows sky failed to fall when lenders that are payday recharging 574% interest

South Dakota – a fresh 30-minute documentary released today by the guts for accountable Lending (CRL), in cooperation with Southern Dakotans for Responsible Lending, follows the motion to cap the state’s payday, automobile name, and installment loan interest levels, which formerly soared as much as 574per cent. The movie catches the relentless nature associated with the broad coalition of South Dakotans that took from the securely entrenched and well-financed lending that is predatory – and won. A resounding 76 per cent of voters passed Initiated Measure 21, which capped interest levels on these loans at 36%.

Allow My People Go: South Dakotans Stop Predatory Lending features tales from people stuck when you look at the trap of the high-cost loans in the period that predatory loan providers had free rein to charge triple-digit interest levels. South Dakotans from Sioux Falls, fast City, and Eagle Butte talk about loan providers’ harmful methods, the problem in escaping the trap, plus the freedom they feel after they are no longer having to pay on such high-cost loans. The movie additionally shows what the results are to former pay day loan shops, numerous now occupied by churches, credit unions, restaurants, along with other productive and helpful organizations and companies.

The movie it self is just a powerful exemplory case of individuals sharing their tales regarding the harms brought on by predatory financing methods, in addition to their capability to improve them.

“When we’re vulnerable with your stories, there is certainly more energy within our voices,” stated Lakota Vogel, Executive Director of Four Bands Community Fund, that will be based in Eagle Butte regarding the Cheyenne River Indian Reservation. Plus »