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DREAM ON: Amid a housing crisis accelerated by the pandemic, Colorado lawmakers try to preserve a slice of the American dream



While housing may be scant in the Aurora area, there are plenty of new and current rental options available in the metro area.
Photo by PHILIP B. POSTON/Sentinel Colorado

For months, even throughout the pandemic, housing costs in Aurora and across Colorado have continued to rise, making a manicured lawn and white picket fence that much more elusive for umpteen local residents.

Those emblems of the American dream remain even more intangible for certain slices of the metroplex, and the ideals they represent became a prime focus for the newest crop of state legislators that represent Aurora. The city’s freshman delegation, Naquetta Ricks and Iman Jodeh, both co-sponsored two bills related to affordable housing and tenant’s rights. 

“Housing is going to be a big deal,” Ricks said. “It’s a hard nut to crack.”

There’s no “magic bullet” to fixing Colorado’s affordable housing problem, she said. “I think it’s going to take a series of laws and legislations and getting creative with ways of making housing affordable.”

Real estate inventories have hit all time lows in the region and rents steadily tick upward. This month Apartment List reported that rents in Aurora increased 2.5% month-over-month, compared to 2.3% nationally. That now puts a one-bedroom apartment on the rental market at $1,247. The average for a two-bedroom apartment in the city sits at $1,573.

A different report, from RealtyHop, concluded this week that an average family in Aurora would have to set aside a third of their annual income to afford a home, making the growing city #50 on the group’s index of affordable housing markets in the nation. The city’s population is expected to hover around 450,000 people by the end of the decade, according to predictions made using U.S. Census data. 

Ricks noted a recent analysis by the Colorado Association of Realtors that found there isn’t one single-family home under $300,000 on the market in Aurora right now. The city’s median home price hovered around $438,000 earlier this spring, according to the group. 

As the issue of housing continues to percolate the political stratosphere of Aurora city council, Ricks and the rest of the Aurora delegation at the state Capitol are wrapped in a frenzied session this week that produced a passel of housing-related measures.

FILE – In this Friday, May 28, 2021, file photo, the morning sun shines on the State Capitol shines in downtown Denver. The Colorado Legislature ended its 2021 session this week after the Democrat-controlled Legislature pushed through a swath of progressive legislation on their agenda with little Republican support, following the aftermath of the coronavirus pandemic, multiple mass shootings in the state and a nationwide reckoning for racial justice. (AP Photo/David Zalubowski, File)

Federal Stimulus Money

Even as the legislative session concluded Tuesday evening, lawmakers left the Capitol knowing they’ve a lot of work to do this summer, particularly regarding affordable housing.

Over the course of the session lawmakers allocated hundreds of millions of dollars toward building affordable housing, incentivizing local governments to prioritize affordable housing and giving unhoused people a place to stay in area hotels. 

“The need for affordable housing has skyrocketed in Colorado; across our state, hardworking families are struggling to find a place to live or afford their rent or mortgage,” state Rep. Serena Gonzales-Gutierrez, D-Denver, said of a bill that helped direct federal stimulus money toward affordable housing. 

So far, lawmakers have decided $100 million will help construct 7,000 affordable housing units across the state, but this summer the real work begins. State leaders say they’ll continue to work to find the best way to spend $450 million more on affordable housing. 

“Housing costs are rising faster than wages and salaries can keep up as more people move into our great state,” Rep. Steven Woodrow, a Denver Democrat who co-sponsored the bellwether stimulus package, said in a statement. “We heard these concerns loud and clear during our statewide listening tour, and we are going to advance transformational changes to make housing more affordable for Coloradans.” 

Federal stimulus money in the Colorado Recovery Plan also allocated $10 million for hotel rooms for people experiencing homelessness across the state and $8 million for local governments that decide to help further affordable housing measures.

Federal stimulus money has been a windfall in places like Aurora, where eviction rates were above the national average before the pandemic. So far, the city has spent more than $3.6 million in its rental assistance program, staff confirmed this week. Arapahoe County, which covers the bulk of Aurora, said during a presentation to city lawmakers this week they’ve spent more than $1.5 million to keep Aurora residents from losing their homes throughout the pandemic.

Ricks, who works as a mortgage broker, said that she hopes to work with Colorado’s  federal delegation on more ways the federal government can provide housing support.

“There’s a lot of money for first time home buyers but people have a hard time qualifying,” she said. “I think there’s a lot of opportunities for changing the criteria.”

A Good Year for Renters

Both Jodeh and fellow Democratic Aurora Rep. Dominique Jackson joined Sen. Julie Gonzales, a Denver Democrat, in shepherding a measure intended to bolster renter’s rights by giving residents more time to get their affairs in order after the eviction process begins. It also limits how many times a landlord can increase rent in a given year. 

“I believe housing is a human right, and I believe that making it in this world requires a safe and affordable place to live, and you can’t really do a whole lot if you don’t know where you’re going to sleep at night, or if it’s uninhabitable or unsafe in some way,” Jackson said this week. “You can’t study for the exam, you can’t feed your kids — you can’t do anything. Housing is absolutely a very big deal.”

The final version of the measure was prepared Tuesday and is currently awaiting the governor’s signature. 

Evictions have slowly ramped up across the Aurora region in recent months, and the federal moratorium on carrying out eviction orders is slated to expire at the end of the month. 

Following a total freeze on evictions at the onset of the pandemic in Arapahoe County last spring, the sheriff’s office in the city’s largest county was executing between 40 and 50 eviction orders each month by the end of last year. By comparison, sheriff’s deputies carried out 132 such orders of the 429 received in January 2020, according to a spokesperson from the sheriff’s office.

Last week, legislators passed yet another measure with eyes toward buoying protections for renters that tightens how much a landlord can charge a tenant when they’re late on rent. 

Jackson, who served as a sponsor of the proposal, celebrated the proposal on its way to the governor’s desk, versions of which have been introduced and repeatedly killed in recent years.

“Sometimes it takes a long time for good policy to make its way through, but we do not give up,” she said. “ … This was a really good year for housing.”

Earlier in the session, Jackson and Gonzales sponsored a new law that nixes a requirement stipulating that anyone applying for state housing assistance verify their lawful presence in the country. Signed by Gov. Jared Polis on April 15, Jackson said the bill is believed to be the first of its kind in the country.

“It allows people to receive state funding — not federal funding, but state funding — in order to pay their rent, and landlords can apply for this money as well,” she said of House Bill 21-1054. “This is an effort to make sure that people don’t have to end up experiencing homelessness.”

Both Ricks and Jodeh signed on to support the new legislation.

Jodeh also co-sponsored a bill with Rep. Julie McCluskie and Gonzales to create three different programs in the Department of Local Affairs that would provide grant money and other forms of assistance to local governments that come up with “innovative solutions” to create affordable housing. The bill passed Tuesday.

In an email, Jodeh said she hopes that governments will take advantage of the programs.

“We did our best to make the parameters to receive funding as flexible as possible so that local governments of various sizes, situations, and stages of development can get assistance that will be helpful,” she said. “Our parameters are a floor, not a ceiling, and we hope local governments get ambitious about increasing equity and affordability in housing.”

An incomplete home boasts a “sold” sign in the east Aurora subdivison of Painted Prairie.
Photo by PHILIP B. POSTON/Sentinel Colorado

A Boost for Homeowner Hopefuls

Along with Rep. Mary Bradfield and Sen. Jeff Bridges, Ricks was a prime sponsor of a bill that creates a voluntary pilot program that renters can participate in to report their rent payment to consumer reporting agencies in order to build their credit history.

The bill is designed to boost home ownership rates among low-income Coloradans, who are less likely to have a credit history, Ricks said. Bad credit makes it more difficult to access loans for things like mortgage payments, and people with poor credit pay much higher rates than those with better credit.

As part of the program, tenants will be required to participate in financial literacy classes. The hope is that by building a credit history and becoming more financially literate, people will be able to become homeowners sooner than they otherwise would be able to, Ricks said.

“The importance of homeownership is it’s a way of building generational wealth, you can grow equity and you can borrow against it,” Ricks said.

Making home ownership more attainable for minorities is particularly important, Ricks said. She noted that people of color, particularly Black people, were disproportionately impacted during the 2008 recession. Many people lost their homes in the crisis and are still working to make up for their financial losses.

Along with Aurora Sen. Rhonda Fields Ricks also carried a  that bill requires HOAs to be more transparent about fees, insurance policies and other information, and subjects them to fines if they do not make the records available.

It also makes it easier for HOA residents to install renewable energy devices such as solar panels and artificial grass.

Ricks said she drafted the bill after hearing numerous stories about poor treatment of homeowners from HOAs.

“Within the state of Colorado, HOAs are very powerful,” she said. 

A section requiring HOAs to go through dispute mediation before taking legal action against unit owners was removed because it did not get enough support. Ricks said she would like to reintroduce that component in future sessions.

Another bill, which passed both the House and Senate and earned final approval from the governor, disallows HOAs from regulating the kind of flags and signs a homeowner displays. 

That issue was front and center in Aurora earlier this year, when David Pendery said he received a violation letter from the Whispering Pines Metropolitan District in Aurora for displaying the LGBTQ+ flag. In that case, which challenged a metro district and not a HOA, a judge sided with Pendery and ruled that the metro district cannot bar residents from flying such flags or displaying signs expressing personal views.

Ricks said she plans to continue to put forth more housing legislation in future sessions, and that during the summer she is going to be participating in conversations about housing and homelessness and do more outreach to constituents.

Jodeh also plans to make housing legislation an ongoing priority.

“Long term – my goal is for all Coloradans to be able to live in housing they can afford – meaning they do not spend more than 30% of their income on housing costs, which includes utilities,” she said. “There is so much more work that needs to be done and I fully plan to keep chipping away at our housing crisis for as long as I’m in office.”

She specifically named strengthening renter protections and increasing equity in home ownership as future goals.

A home can be seen at the edge of Sand Creek Park in North Aurora, where several homeless camps are scattered throughout. Homeless camps have become more prevalent in Aurora.
Photo by PHILIP B. POSTON/Sentinel Colorado

The Homelessness Solution Search Continues

The newest legislative efforts to keep people housed come as Aurora lawmakers continue to quarrel over how the city could best ameliorate homelessness across the region. 

Members of a city policy committee last week technically batted down a camping ban proposed by Mayor Mike Coffman that would allow staffers to clear homeless encampments if shelters had the capacity to house all of the people living there. 

“I obviously think this is important,” Coffman recently told his fellow council members. “I think that it’s fair to our residents but also it’s humane.”

The city typically has about 150 shelter beds available at Comitis Crisis Center on any given day, though that total can be padded by motel vouchers given to domestic violence victims or emergency shelters opened during extremely cold weather.

There were 427 people experiencing homelessness in the city according to the last point-in-time survey conducted by outreach workers last year, though such metrics are typically seen as severe underestimates of the total population.

City officials are currently conducting a so-called “land inventory” to determine where a sanctioned campsite or village could be constructed in Aurora. The audit is expected to be completed and discussed by a panel of council members later this summer.

Under Coffman’s plan, anyone who refuses to leave an encampment after being given notice and offered alternative shelter could be cited for violating city code, which could result in jail time and fines. 

That worried Arapahoe County Sheriff Tyler Brown, whose office oversees the jail serving the bulk of Aurora. Brown said he’s concerned that homeless people jailed for violating the ordinance would become ensnared in the legal system, costing the county $108 a day to keep them detained.

“I think that there’s better options for that $108 to be used to try to help,” he said. “ … I don’t want the county jail to become a depository for individuals that are experiencing homelessness.” 

Police Chief Vanessa Wilson, whose officers could largely be tasked with abating camps, said she was concerned with the optics of police tearing down ad hoc structures.

“I really would be concerned about the enforcement piece as far as us looking as though we are criminalizing the fact that people are experiencing homelessness,” she said. “ … I just want to make sure that we’re used in the most minimal way.”

In the past year, the city has used both staffers and contractors to abate 29 camps by using a temporary policy tethered to pandemic-related protocols, according to city documents.

Coffman, who can still bring the proposal before the entire council per city rules, has said he plans to further discuss the measure at a public safety policy meeting later this month. 

If his peers on council vote to kill the proposal, Coffman has said he may try to put the issue in front of voters via a ballot question considered in this November’s election. 

— Quincy Snowdon, Kara Mason and Carina Julig contributed to the report

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Inside the Highly Profitable and Secretive World of Payday Lenders



Illustration by Sarah Maxwell, Folio Art

When Bridget Davis got started in the family’s payday lending business in 1996, there was just one Check ’n Go store in Cincinnati. She says she did it all: customer service, banking duties, even painting walls.

The company had been established two years earlier by her husband, Jared Davis, and was growing rapidly. There were 100 Check ’n Go locations by 1997, when Jared and Bridget (née Byrne) married and traveled the country together looking for more locations to open storefront outlets. They launched another 400 stores in 1998, mostly in strip malls and abandoned gas stations in low-income minority neighborhoods where the payday lending target market abounds. Bridget drove the supply truck and helped select locations and design the store layouts.

But Jared soon fired his wife for committing what may be the ultimate sin in the payday lending business: She forgave a customer’s debt. “A young woman came to pay her $20 interest payment,” Bridget wrote in court documents last year during divorce proceedings from Jared. “I pulled her file, calculated that she had already paid $320 to date on a principle [sic] loan of $100. I told her she was paid in full. [Jared] fired me, stating, ‘We are here to make money, not help customers manage theirs. If you can’t do that, you can’t work here.’ ”

Photograph by Brittany Dexter

It’s a business philosophy that pays well, especially if you’re charging fees and interest rates of 400 percent that can more than triple the amount of the loan in just five months—the typical time most payday borrowers need to repay their debt, says the Pew Charitable Trusts, a nonprofit organization focused on public policy. Cincinnati-based Check ’n Go now operates more than 1,100 locations in 25 states as well as an internet lending service with 24/7 access from the comfort of your own home, according to its website. Since its founding, the company has conducted more than 50 million transactions.

What the website doesn’t say is that many, if not most, of those transactions were for small loans of $50 to $500 to working people trying to scrape by and pay their bills. In most states—including Ohio, until it reformed its payday lending laws in 2019—borrowers typically fork over more than one-third of their paycheck to meet the deadline for repayment, usually in two weeks. To help guarantee repayment, borrowers turn over access to their checking account or deposit a check with the lender. In states that don’t offer protection, customers go back again and again to borrow more money from the same payday lender, typically up to 10 times, driving themselves into a debt trap that can lead to bankruptcy.

Jared and Bridget Davis are embroiled in a nasty court battle related to his 2019 divorce filing in Hamilton County Domestic Relations Court. Thousands of pages of filings and 433 docket entries by April 26 offer the public a rare glimpse into the business operations of Check ’n Go, one of Cincinnati’s largest privately-owned companies, as well as personal lifestyles funded by payday lending.

The company cleared $77 million in profit in 2018, a figure that dipped the following year to $55 million, according to an audit by Deloitte. That drop in revenue may have something to do with the payday lending reform laws and interest rate caps passed recently in Ohio as well as a growing number of other states.

The day-to-day business transactions that provide such profit are a depressing window into how those who live on the edge of financial security are often stuck with few options for improving their situations. If a borrower doesn’t repay or refinance his or her original loan, a lender like Check ’n Go deposits the guarantee check and lets it bounce, causing the borrower to incur charges for the bounced check and eventually lose his or her checking account, says Nick DiNardo, an attorney for the Legal Aid Society of Greater Cincinnati. After two missed payments, payday lenders usually turn over the debt to a collection agency. If the collection agency fails to collect the full amount of the original loan as well as all fees and interest, it goes to court to garnish the borrower’s wages.

That devastating experience is all too familiar to Anthony Smith, a 60-year-old Wyoming resident who says he was laid off from several management positions over a 20-year period. He turned to payday lenders as his credit rating dropped and soon found himself caught in a debt trap that took him years to escape.

Two things happened in 2019, Smith says, that turned around his financial fortunes. First, he found a stable manufacturing job with the Formica Company locally, and then he took his mother’s advice and opened a credit union account. GE Credit Union not only gave him a reasonable loan to pay off his $2,500 debt but also issued him his first credit card in a decade. “I had been a member [of the credit union] for just two months, and I had a credit rating of 520. Can you imagine?” he says. Smith says he is now debt-free for the first time in 10 years.

Consumer advocates say Check ’n Go is one of the biggest payday lending operations in the nation. But knowing its exact ranking is difficult because most payday lending companies, including Check ’n Go and its parent company CNG Holdings, are privately held and reluctant to disclose their finances.

Brothers Jared and David Davis own the majority of the company’s privately held stock. David bought into the company in 1995, but CNG got its game-changing infusion of capital from the brothers’ father, Allen Davis, who retired as CEO of then-Provident Bank in 1998. Allen sold off $37 million in stock options and essentially became CNG’s bank and consultant.

By 2005, however, the sons were part of a public court battle against their father. Allen accused Jared and David of treating his millions in CNG stock as compensation instead of a transfer from his ex-wife (and the brothers’ mother), sticking him with a $13 million tax bill. In turn, the brothers accused Allen of putting his mistress and his yacht captain on the company payroll, taking $1.2 million in fees without board approval, and leading the company into ventures that lost Check ’n Go a lot of money. Several years of legal fighting later, the IRS was still demanding its $13 million. CNG officials did not respond to requests for comment for this story.

Jared and David split $22 million in profit from CNG in 2018 and, according to the Deloitte audit, CNG’s balance sheet showed another $42 million that could be split between the two brothers in 2019. Jared, however, elected not to receive his $21 million distribution “in order to create this artificial financial crisis and shelter millions of dollars from an equitable split between us,” according to Bridget’s divorce filing.

Worse, she claims, Jared said they would be responsible for paying taxes out of their personal accounts rather than from CNG’s company earnings, making her personally responsible for half of the $5.5 million in taxes for 2019. She believes it wasn’t happenstance that $5.5 million was wired to Jared’s private bank account in December of that same year. Bridget has refused to sign the joint tax return, and Jared filed a complaint with the court saying a late tax filing would cost them $1 million in penalties and missed tax opportunities.

“For the duration of our marriage and to the present, Jared has full and complete control of all money paid to us from various investments we have made in addition to our main source of income, CNG,” Bridget wrote in her motion. She suspects that Jared, without her knowledge or consent, plowed the money for their taxes and from other sources of income into Black Diamond Group, the fund that invests in the Agave & Rye restaurant chain. Beyond the original restaurant opened in Covington in 2018, “they have opened four other locations in one year,” she wrote, including Louisville and Lexington. (The ninth location opened in Hamilton this spring.) Agave & Rye’s website touts its Mexican fare as “a chef-inspired take on the standard taco, elevating this simple food into something epic!”

In his response, Jared wrote, “We have very limited regular sources of income.” He says he isn’t receiving any additional distributions from CNG, the couple’s primary source of income, “and this is not within my control. The company has declared that we would not make any further distributions in 2020 given economic circumstances. This decision is based on a formula and is not discretionary.” Agave & Rye helped produce $645,000 in income for Black Diamond in 2020 but has paid out $890,000 in loans, he says. Through August 31, 2020, he wrote, the couple’s “expenses have exceeded income from all sources.”

The divorce case filings start slinging mud when the couple accuses each other of breaking up their 22-year marriage and finding new partners. Jared claims Bridget began an affair during their marriage with Brian Duncan, a contractor she employed through her house flipping business. Bridget, he says, paid Duncan’s company $75,000 in 2018 as well as giving him a personal gift of $70,000 that same year. Jared says she also bought Duncan at least one car and purchased a house for him near hers on Shawnee Run Road for $289,000, then loaned money to Duncan. Jared says Duncan has been late in repaying the note.

While Bridget says Duncan has been drug-free for several years, he has a rap sheet with Hamilton County courts from 2000 to 2017 that runs five pages long. It lists a half-dozen counts of drug abuse and drug possession, including heroin and possession of illegal drug paraphernalia; assaulting a police officer; stealing a Taser from a police officer; criminal damaging while being treated at UC Health; more than a dozen speeding and traffic violations; a half-dozen counts of driving with a suspended license; receiving stolen property; twice fleeing and resisting arrest; three counts of theft; two counts of forgery; and one count for passing bad checks.

Bridget has fired back that Jared not only is hiding his money from her but spending it lavishly on vacations, resorts, and high-end restaurants with his new girlfriend, Susanne Warner. Bridget says Jared gifted Warner with $40,000 without Bridget’s knowledge, then declared it on their joint tax return as a “contribution.” Bridget’s court filings include photocopies of social media posts of Jared and Warner globetrotting from summer 2019 to summer 2020: vacation at Beaver Creek Village in Avon, Colorado; cocktails at High Cotton in Charleston, South Carolina, and dinner at Melvyn’s Restaurant and Lounge in Palm Springs, California; getaways at resorts in Nashville and at a lakefront rental on Norris Lake ($600 per night); in the Bahamas at a Musha Cay private residence ($57,000 per night), at South Beach in Miami, and at a private beach at Fisher Island; in Mexico at Cabo San Lucas; in the U.S. Virgin Islands at Magen’s Bay and on a private yacht ($4,500 per night); in California at Desert Hot Springs, the Ritz-Carlton in Rancho Mirage, and Montage at Laguna Beach; and in the Bahamas at South Cottage ($2,175 per night).

For her part, Bridget has gone through some of the top lawyers in town faster than President Trump during an impeachment—six in all, two of whom she’s sued for malpractice. She sent four binders of evidence to the Ohio Supreme Court, asking for the recusal of Hamilton County Judge Amy Searcy and claiming Searcy was biased because of campaign donations from Jared and his companies. Rather than deal with the list of questions sent to her by Chief Justice Maureen O’Connor, Searcy stepped down. Two other judges have since stepped into the fray, and in March Bridget filed for a change of venue outside of Hamilton County, arguing she can’t get a fair trial in her hometown. At press time, a trial date had been set for June 28 in Hamilton County.

The poor-mouthing in the divorce case has reached heights of comic absurdity. Jared claims he’s “illiquid” because he didn’t get his distribution from CNG in 2019. Bridget has received debt collection notices for the nearly $21,000 owed on her American Express card and a $735 bill from Jewish Hospital. There’s no sign yet that anyone is coming to repossess her Porsche, which according to her filings has a $5,000 monthly payment. Each party has received $25,000 a month in living expenses, an amount later reduced to $15,000 under a temporary legal agreement while the divorce case is being sorted out. Court filings show that Jared’s net worth is almost $206 million and Bridget’s is $22.5 million.

In the early 1990s, Allen Davis was raising eyebrows at Provident Bank (later bought by National City), and not only because of his very unbanker-like look of beard, ponytail, and casual golf wear. He was leading the company into questionable subprime home loans for people with bad credit and a frequent-shopper program for merchants, though the bank’s charter barred him from getting involved in full-blown predatory lending practices. With guidance and funding from his father, Jared, at age 26, launched Check ’n Go in 1994 and became a pioneer in the payday lending industry. Jared and his family saw there were millions of Americans who didn’t have checking or savings accounts (“unbanked”) or an adequate credit rating (“underbanked”) but still needed loans to meet their everyday expenses. What those potential customers did have was a steady paycheck.

Conventional banks share a big part of the blame for the nation’s army of unbanked borrowers by imposing checking account fees and onerous penalties for bounced checks. In 2019, the Federal Deposit Insurance Corporation estimated there were 7.1 million U.S. households without a checking or savings account.

The Davises launched Check ’n Go on the pretext that it would “fill the gap” for people who occasionally needed to borrow money in a hurry—a service for those who couldn’t get a loan any other way. But consumer advocates say the real business model for payday lending isn’t a service at all. The majority of the industry’s revenue comes from repeat business by customers trapped in debt, not from borrowers looking for a quick, one-time fix for their financial troubles.

Ohio’s payday lending lobbyists got a strong hold on the state legislature in the late 1990s, and by 2018 Democratic gubernatorial candidate Richard Cordray could rightfully claim in a campaign ad that “Ohio’s [payday lending] laws are now the worst in the nation. Things have gotten so bad that it is legal to charge 594 percent interest on loans.” His statement was based on a 2014 study by the Pew Charitable Trusts.

The frustration for consumer advocates was that Ohioans had been trying to reform those laws since 2008, when voters overwhelmingly approved a ballot initiative placing a 28 percent cap on the interest of payday loans. But—surprise!—lenders simply registered as mortgage brokers, which enabled them to charge unlimited fees.

The Davis family and five other payday lending companies controlled 90 percent of the market back then, an express gravy train ripping through the poorest communities in Ohio. The predatory feeding frenzy, especially in Ohio’s hard-hit Rust Belt communities, prompted a 2017 column at The Daily Beast titled, “America’s Worst Subprime Lender: Jared Davis vs. Allan Jones?” (Jones is founder and CEO of Tennessee-based Check Into Cash.) In 2016 and 2017, consumer advocates mustered their forces again, and this time they weren’t allowing for loopholes. The Pew Charitable Trusts joined efforts with bipartisan lawmakers and Ohioans for Payday Loan Reform, a statewide coalition of faith, business, local government, and nonprofit organizations. Consumer advocates found a legislative champion in State Rep. Kyle Koehler, a Republican from Springfield.

It no doubt helped reform efforts that former Ohio Speaker of the House Cliff Rosenberger resigned in spring 2018 amid an FBI investigation into his cozy relationship with payday lenders. Rosenberger had taken frequent overseas trips—to destinations including France, Italy, Israel, and China—in the company of payday lending lobbyists. In April 2019, Ohio’s new lending law took effect and, since then, has been called a national model for payday lending reform that balances protections for borrowers, profits for lenders, and access to credit for the poor, according to the Pew Charitable Trusts. New prices in Ohio are three to four times lower for payday loans than before the law. Borrowers now have up to three months to repay their loans with no more than 6 percent of their paycheck. Pew estimates that the cost of borrowing $400 for three months dropped from $450 to $109, saving Ohioans at least $75 million a year. And despite claims that the reforms would eliminate access to credit, lenders currently operate in communities across the state and online. “The bipartisan success shows that if you set fair rules and enforce them, lenders play by them and there’s widespread access to credit,” says Gabe Kravitz, a consumer finance officer at the Pew Charitable Trusts.

Other states like Virginia, Kansas, and Michigan are following Ohio’s lead, Kravitz says. Some states, such as Nebraska, have even capped annual interest on payday loans. As a result, Pew researchers have seen a reduction in the number of storefront lending op­erations across the country. Even better, Kravitz says, there’s no evidence that borrowers are turning instead to online payday lending operations.

Cincinnati is one of five cities chosen for a grant to replicate the success of Boston Builds Credit, an ambitious effort that city launched in 2017 to provide credit counseling in poor and minority communities by training specialists at existing social service agencies. The program also encourages consumer partnerships with credit unions, banks, and insurance companies to offer small, manageable loans that can help the unbanked and underbanked improve their credit ratings. “Right now, local organizations are all kind of working in silos on the problem in Cincinnati,” says Todd Moore of the nonprofit credit counseling agency Trinity Debt Relief. Moore, who applied for the Boston grant, says he’s looking for an agency like United Way or Strive Cincinnati to lead the effort here.

Anthony Smith is thankful that he’s escaped the downward spiral of his payday loans, especially during the pandemic’s economic turmoil. “I’m blessed for every day I can get paid and have a job during these difficult times, just to be able to pay my bills and meet my responsibilities,” he says. “I’ve always kept a job, but until now I’ve had crappy credit. That doesn’t mean I’m a bad guy.”

Can others worth millions of dollars say the same?

Inside the Highly Profitable and Secretive World of Payday Lenders Source link Inside the Highly Profitable and Secretive World of Payday Lenders

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What’s Questionable Credit and Can I Get a Car Loan With It?



Questionable’s definition means that something’s quality is up for debate. If a lender says that your credit score is questionable, it’s likely that they mean it’s poor, or at the very least, they’re hesitant to approve you for vehicle financing. Here’s what most lenders consider questionable credit, and what auto loan options you may have.

Questionable Credit and Auto Lenders

Many auto lenders may consider questionable credit as a borrower with a credit score below 660. The credit score tiers as sorted by Experian the national credit bureau, are:

  • Super prime: 850 to 781
  • Prime: 780 to 661
  • Nonprime: 660 to 601
  • Subprime: 600 to 501
  • Deep subprime: 500 to 300

The nonprime credit tiers and below is when you start to get into bad credit territory and may struggle to meet the credit score requirements of traditional auto lenders.

This is because lenders are looking at your creditworthiness – your perceived ability to repay loans based on the information in your credit reports. Besides your actual credit score, there may be situations where the items in your credit reports are what’s making a lender question whether you’re a good candidate for an auto loan. These can include:

  • A past or active bankruptcy
  • A past or recent vehicle repossession
  • Recent missed/late payments
  • High credit card balances
  • No credit history

There are ways to get into an auto loan with questionable credit. Your options can change depending on what’s making your credit history questionable, though.

Questionable Credit Auto Loans

If your credit score is less than stellar, it may be time to look at these two lending options:

  • What Is Questionable Credit and Can I Get a Car Loan With It?Subprime financing – Done through special finance dealerships by third-party subprime lenders. These lenders can often assist with many unique credit situations, provided you can meet their requirements. A great option for new borrowers with thin files, situational bad credit, or consumers with older negative marks.
  • In-house financing – May not require a credit check, and is done through buy here pay here (BHPH) dealers. Typically, your income and down payment amount are the most important parts of eligibility. Auto loans without a credit check may not allow for credit repair and may come with a higher-than-average interest rate.

Both of these car loan options are typically available to borrowers with credit challenges. However, if you have more recent, serious delinquencies on your credit reports, a BHPH dealer may be for you. Most traditional and subprime lenders typically don’t approve financing for borrowers with a dismissed bankruptcy, a repossession less than a year old, or borrowers with multiple, recent missed/late payments.

Requirements of Bad Credit Car Loans

In many cases, your income and down payment size are the biggest factors in your overall eligibility for bad credit auto loans. Expect to need:

  • 30 days of recent computer-generated check stubs to prove you have around $1,500 to $2,500 of monthly gross income. Borrowers without W-2 income may need two to three years of professionally prepared tax returns.
  • A down payment of at least $1,000 or 10% of the vehicle’s selling price. BHPH dealers may require up to 20% of the car’s selling price.
  • Proof of residency in the form of a recent utility bill in your name.
  • Proof of a working phone (no prepaid phones), proven with a recent phone bill in your name.
  • A list of five to eight personal references with name, phone number, and address.
  • Valid driver’s license with the correct address, can’t be revoked, expired, or suspended.

Depending on your individual situation, you may need fewer or more items to apply for a bad credit auto loan. However, preparing these documents before you head to a dealership can speed up the process!

Ready to Get on the Road?

With questionable credit, finding a dealership that’s able to assist you with an auto loan is easier said than done. Here at Auto Credit Express, we want to get that done for you with our coast-to-coast network of special finance dealerships.

Complete our free auto loan request form and we’ll get right to work looking for a dealer in your local area that can assist with many tough credit situations.

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Bad Credit

Entrepreneur Tae Lee Finds Her Fortune



By Jasmine Shaw
For The Birmingham Times

Birmingham native Tae Lee had plans last year to visit the continent of Africa, the South American country of Columbia, and the U.S. state of Texas.

“I was going to stay in each place for like four to six weeks, and then COVID-19 happened,” she said. “So, I just was like, ‘You know what, I’m just gonna go to Mexico and stay for six months.’”

Once home from Playa Del Carmen, located on Mexico’s Yucatán Peninsula, the 33-year-old entrepreneur put the final touches on “Game of Fortune: Win in Wealth or Lose in Debt,” a financial literacy card game for ages 10 and up.

“We created ‘Game of Fortune’ because we realized there was a gap in learning the fundamentals of money,” said Lee. “We go through life not knowing anything about money and then—‘Bam!’—real life hits. Credit, debt, and bills come at us quick!”

Lee believes the game “gives players a glimpse of real life” by using everyday scenarios to teach them how to make wiser financial decisions without having to waste their own money.

“I feel like [financial literacy] can be learned in ways other than somebody standing up and preaching it to you over and over again,” she said. “You can learn it in ways that are considered fun, as well.”

Which is why “we want the schools to buy it, so we can give students a fun way to learn about financial literacy,” she added.

Lee, also called the “Money Maximizer,” is an international best-selling financial author, speaker, coach, and trainer who is known for her financial literacy books, including “Never Go Broke (NGB): An Entrepreneur’s Guide to Money and Freedom” and the “NGB Money Success Planner High School Edition.” The Birmingham-based financial guru focuses on creating diverse streams of income in the tax, real estate, insurance, and finance industries.

For Lee, it’s about building generational wealth, not debt.

Indispensable Lessons

Lee got her first glance at entrepreneurial life as a child watching her mother, Valeria Robinson, run her commercial cleaning company, V’s Cleaning. Robinson retired in 2019.

“My grandmother had a cleaning service, too,” said Lee. “So, even though I didn’t start out as an entrepreneur, watching my mom and grandma do it taught me a lot.”

Lee grew up in Birmingham and attended Riley Elementary School, Midfield Middle School, and Huffman High School. She then went on to Jacksonville State University, in Jacksonville, Alabama, where she earned bachelor’s degree in physical education. She struggled to find a career in her field and became overwhelmed by student loans.

“My credit and stuff didn’t get bad until after college,” she said. “I was going through school and taking money, but nobody told me, ‘Oh, you’re gonna have to pay all of this back.’”

Before embarking on her extensive career in money management, Lee had not learned the indispensable lessons that she now shares with clients.

“‘Don’t have bad credit.’ That’s all I learned,” she remembers. “Financial literacy just wasn’t taught much. I learned the majority of my lessons as I aged.”

In an effort to ward off collection calls and raise her credit score, Lee researched tactics to strategically eliminate her debt.

“I knew I had to pay bills on time, and I couldn’t be late with payments,” she said.

Lee eventually began helping friends revamp their finances and opened NGB Inc. in 2017 to share fun, educational methods to help her clients build solid financial foundations.

“People were always coming to me like, ‘How do I invest in this?’ and ‘How do I do that?’ So, I said to myself, ‘You know what, people should be paying to pick your brain.’”

Legacy Building

While Lee enjoyed watching her clients reach milestones, like buying a new car with cash or making their first stock market investment, she was also designing “Game of Fortune” to teach the value of legacy building.

“The game gives players the knowledge to build generational wealth, not generational debt,” she said. “It gives you a glimpse of life, money, and what can truly happen if you mismanage your coins.”

Using index cards to create her first “Game of Fortune” sample deck, Lee filled each card with pertinent terms related to debt elimination and credit and wealth building. She then called on a few friends to help her work through the kinks.

Three of her good friends—Barbara Bratton, Daña Brown, and Sha Cannon—were just a few of the people that gave feedback on the sample deck.

“From there I met with Brandon Brooks, [owner of the Birmingham-based Brooks Realty Investments LLC], and four other financial advisors to fine-tune the definitions and game logistics,” Lee said.

Though Lee was unable to land a job in physical education after graduating from college, she now sees her career with NGB Inc. as life’s unexpected opportunity to teach on her own terms.

“Bartending and waitressing taught me that working for someone else was not for me,” she replied. “In order to get the life I always wanted, I had to create my own business.”

In her entrepreneurial pursuits, Lee strives to be an open-minded leader who embraces the need for flexibility.

“COVID-19 has shown me that in entrepreneurship you have to maneuver,” she said. “When life changes, sometimes your business will, too. You may have to change the path, but your ending goal can be the same.”

“Game of Fortune: Win in Wealth or Lose in Debt” is available and sold only on the “Game of Fortune” website: To learn more about Tae Lee and Never Go Broke Inc., visit and or email; you also can follow her on Facebook ( and Instagram (@nevergobrokeinc).

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