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

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

Film shows sky failed to fall whenever lenders that are payday billing 574% interest

South Dakota – a fresh 30-minute documentary released today because of the Center 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 rates of interest, which formerly soared as much as 574per cent. The movie catches the relentless character regarding 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 rates of interest on these loans at 36%.

Allow My People Go: South Dakotans Stop Predatory Lending features tales from individuals stuck into the trap of those high-cost loans in the period that predatory loan providers had rein that is free charge triple-digit rates of interest. South Dakotans from Sioux Falls, fast City, and Eagle Butte talk about loan providers’ harmful techniques, the problem in escaping the trap, while the freedom they feel when they are not any longer having to pay on such high-cost loans. The movie additionally shows what goes on to former pay day loan shops, numerous now occupied by churches, credit unions, restaurants, along with other effective and helpful organizations and companies.

The movie it self is an example that is powerful of sharing their tales regarding the harms due to predatory financing methods, in addition to their capability to alter them.

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

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