Sixty members of Iowa Citizens for Community Improvement (Iowa CCI) converged on ACE Cash Express in Des Moines Saturday, December 5, 2009 .Our message was clear: payday loans are not good loans, cap your interest rates and extent payback periods, stop ripping off our community and we demand good, affordable credit. for all.

Payday lending is not good credit, reads a letter the group delivered to ACE Check Express. Crushing interest rates [400%] and unrealistic payback periods make it impossible for most Iowans to escape the payday lending debt cycle after just one loan.

Iowa CCI members demanded that Ace Cash Express set an example for the rest of the industry by capping interest rates during the holiday season at 10 percent, and extending repayment periods from two weeks to two months.

CCI also called on the Iowa state legislature to pass interest rate caps and extended repayment periods during the 2010 legislative session. House File 288 and Senate File 463 both include provisions aimed at cracking down on payday lending. (less info)