Consumed by payday loans: State legislators offer haven for lenders deemed ...

Facing government crackdowns around the country, payday lenders are thriving in lightly regulated California, where they lure hundreds of thousands of desperate borrowers a year despite punishing, triple-digit interest rates.

Seventeen states and the U.S. military have effectively banned payday loans, which attract low-income borrowers who need a cash advance on paychecks. Georgia has declared payday lending to be felony racketeering. But in California, payday storefronts outnumber Starbucks coffeehouses.

Neon-splashed businesses touting slogans like "Cash as Easy as 1, 2, 3!" promise hassle-free, short-term loans, while few borrowers heed the fine print: A two-week loan will saddle them with what amounts to an annual interest rate of 460 percent.

Now, the multibillion-dollar industry is looking for more help from a state Legislature that has protected payday lenders for years.

A Bay Area News Group investigation shows payday lobbyists are pumping increasing amounts of contributions into campaign coffers, targeting lawmakers with low-income constituents who use payday loans. And some of the biggest recipients of that money are now backing an industry-friendly bill that would boost loan amounts and fees, fueling the lenders' bottom lines while driving many recession-battered Californians deeper into debt.

"There's a crackdown going on in all the rest of the states, and payday lenders are trying to figure out how to offset the lost revenue," said Uriah King, vice president of state policy for the nonprofit Center for Responsible Lending. The lenders, he said, have decided "to make up the difference on the backs of struggling Californians."

Despite outcries from consumer advocates -- who liken payday loans to financial quicksand -- the author of Assembly Bill 1158, state Assemblyman Charles Calderon, D-City of Industry, calls them "the best loan on the market."

The lawmaker, considered the father of payday lending in California, insists he doesn't see the loans as a threat to his constituents. Instead, during a May hearing on his bill, Calderon described them as a solution for a single parent short on money for a child's prescription, or someone "wanting to borrow $50 to take their kid to Disneyland.

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