Phil DeVol and Doug Farry
Our topic today is predatory lending and what to do about it. Those of us who have learned directly from people in poverty and those who are struggling to get by and Getting Ahead investigators know that predatory lending practices are a poverty trap.
Those of us who have worked to pass legislation to limit payday lenders, for example here in Ohio, we were able to limit them to 28%, this was back in ’08. And what we found was that the law was just like a snow fence to a blizzard. The predatory lenders found all kinds of ways to just blow through and over that fence.
Today we’re going to learn about an alternative to payday lending that I’m really excited about. And this is something that will give low-wage workers and others a fair shot at fair credit. So it’s a real pleasure for me to introduce Doug Farry. He’s the co-founder of Employee Loan Solutions in San Diego, the company that developed the TrueConnect program that you’ll be hearing about. Doug and the other co-founders are former executives with TurboTax in San Diego where they became aware of the negative impact of payday lending.
Listen to the podcast to learn more.