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Initiatives:
Mortgage Lending
Payday Lending
Day Labor
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Our Mission
The Southwest Center for Economic Integrity engages in research, education and advocacy to strengthen local economies by mobilizing and protecting marginalized people, holding corporations and industries accountable to communities and cultivating support for good business practices.
 Payday Loans
Fast Cash or Debt Trap?
Pay Day Loans are small cash advances secured by a personal check held for future deposit or electronic withdrawal from a customer’s bank account. These loans of $50-$500 are due in full on the borrower’s next pay day or within 14 days. If the customer is unable to repay the loan within two weeks, most companies allow for the loan to be extended, or rolled over, by paying the interest on the loan. Customers are charged fees between $15 and $17.65 per $100 borrowed. The APR rate on pay day loans typically falls within a range of 390% to 500%.
 Some of the heaviest concentrations of payday loan businesses are located within a three mile radius of Davis Monthan AFB. Studies indicate that nation wide there is “irrefutable geographic evidence demonstrating that payday lenders aggressively target members of the military & their families.” SCEI's research indicates that the number of payday loan shops near DM Air Force Base has nearly doubled, from 25 in the year 2003 to 46 now.
Payday loan locations are concentrated in high/medium stress & high poverty areas in Tucson & Pima County. This pattern raises questions regarding industry targeting of disadvantaged consumers.
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Unseen Dreams Exhibit >>> |
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