Dr. Ed is running to be California’s next Lieutenant Governor to bring people together and get things done. California has a real opportunity to send Washington a message: we’re going to put in the work to remain a beacon of hope and progress, with fairness, equality, and economic justice.
FOR LT. GOVERNOR
Meet Dr. Ed
The Right to Affordable Lending
Senator Ed Hernandez, a strong advocate of equality and economic stability, supports American citizens’ rights to affordable lending. He believes that same-day payday loans act as a safety belt act as a safety belt in case of financial distress. Senator Hernandez repeatedly prompted policy-makers to think and act from the standpoint of the average-income Americans, which is the largest group nationwide. According to him, small loans are the building blocks of temporary economic redressing.
To ensure American citizens their rights to affordable lending, Senator Ed Hernandez proposed the following action points, meant to reinforce his initiative:
- Promote powerhouse loans among households with medium and low income to ensure they can cover their basic monthly expenses.
- Cap interest rates on cash advances so that lenders can still generate profit and borrowers can quickly repay debts.
- Encourage payday lenders to accept alternative income options so that people on social benefits, alimony, can access quick loans.
- Encourage state authorities to allow more rollovers, thus covering the cases when borrowers need to extend a loan.
- Promote loan transparency and fair lending practices, based on the example of lending bear online loans.
- Provide resources for borrowers to get informed about affordable lending and know their rights.
- Encourage the spread of legitimate online businesses offering payday loans.
- Closely monitor payday lending practices to identify potential fraudulent schemes and enforce fair lending.