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New Coalition to Push for Payday Loan Alternatives
“How can we replace a two-week loan model at a better cost?” said David Rothstein, the chair of the Coalition for Safe Loan Alternatives, a new group formed to offer payday lending alternatives.
With the Consumer Financial Protection Bureau expected soon to roll out a proposal to regulate payday lending, community groups have formed an organization designed to promote alternatives to short-term, small-dollar loans.
The Coalition for Safe Loan Alternatives held a panel discussion Tuesday in Washington announcing its intention to become a peer-to-peer forum for best practices among current alternatives to payday loans.