Loan Spotlight: John & Shelley Pippin of Brewnuts

Brewnuts is the brainchild of two Clevelanders, John & Shelley Pippin, who decided to combine their three favorite things – Cleveland, craft beer, and donuts – into one, and make the food and beer lover’s ultimate guilty pleasure: craft-beer-based donuts. By combining donuts, a symbol of Americana as unpretentious as you can find, with the hipness of the craft beer movement, Brewnuts puts a whole new twist on bellying up to the bar.
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Are Payday Loans Legitimate?

Short answer: no.

Payday loans are not what they seem. While they may appear to be a convenient “quick fix” for a temporary financial situation, they often result in a vicious cycle that can accumulate interest at rates of up to 780%.

Most Payday lenders require borrowers to give access to their checking account. Many loans come due in just two weeks, which is hardly enough time for the typical consumer to rebuild their finances to pay off their debt.

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HFLA of NEO's Letter to Senator Portman

HFLA of NEO Board president, Lisa Arlyn Lowe recently sent the following letter to Ohio Senator Rob Portman in support of his opposition to the health care bill currently before the Ohio Senate. 

Dear Senator Portman:

Thank you for opposing the health care bill that is currently before the Senate.  In its present form, the Senate Bill is detrimental to all Americans—not just your Ohio constituents. In addition to slashing Medicaid and Medicare, as well as denying millions of Americans access to affordable health care, it limits (or prevents) access to care for opioid addiction - an issue about which I know you are personally passionate.

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Loan Spotlight: Evan Delahanty of Peaceful Fruits

Loan Spotlight: Evan Delahanty of Peaceful Fruits
Source: linkedin.com/in/evandelahanty/

Congratulations to Evan Delahanty, owner of Peaceful Fruits and HFLA's latest loan recipient! We're so excited to partner with Evan and join him on his business journey.

Peaceful Fruits is a startup company based in Akron that makes organic fruit strip snacks with acai. Evan launched Peaceful Fruits after his time with the Peace Corps where he lived and worked in the Amazon Rainforest. The acai in his snacks is grown and harvested by the people he worked with in the rainforest. These snacks come from the Amazon with love!

We're especially excited because Evan recently appeared on "Shark Tank," which gave his business a major boost! If you haven't seen it yet, his episode will re-air this Friday, June 30, 2017 at 8 pm on ABC (that's tonight!).Read more


HFLA Honors Edelman Family

hfla of northeast ohio

CLEVELAND, OH – June 14, 2017 –  Mark your calendar for what promises to be a sold-out occasion again this year at HFLA of Northeast Ohio’s gala, Party 113 to be held Saturday, Nov. 11, 2017. The evening will pay tribute to Alan Edelman and the entire Edelman Family, who have been long-time sponsors, donors and supporters of Hebrew Free Loan Association (HFLA) over the years.

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How to File a Payday Loan Complaint

As a consumer, you have the right to be heard. The power of thousands of consumer complaints can make a huge impact on the fight against the vicious cycle of payday loans.

Payday loans are small, one-time loans aimed toward consumers who find themselves in need of a temporary financial fix. They are a form of predatory lending due to their short payback periods and extremely high interest rates.how to file a payday loan complaint

Consumers who take out payday loans often find themselves trapped in a cycle of debt that lasts for months and results in accumulated interest rates as high as 780%. That small loan suddenly becomes a huge debt and can be very bad news for a consumer’s credit and financial situation.

But it doesn’t have to be this way! Together we can end the suffering caused by predatory lending. There are organizations and tools in place designed to give the consumer a voice and minimize the power of these lending agents.

The Consumer Financial Protection Bureau (CFPB) is, in the organization’s own words, “a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.”

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HFLA's Fight Against Payday Loans

One of HFLA of Northeast Ohio’s goals is to fight unfair payday loans in the state of Ohio. We are extremely passionate about this mission as we often work with clients who have fallen into the vicious cycle of payday loan debt.

On March 20, 2017, our Executive Director Michal Marcus appeared on NPR to discuss payday loan legislation reform and talk about HFLA’s work with payday loans.

The following is adapted from that conversation. To hear the discussion for yourself, click here.

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Information on Payday Loan Reform Legislation

The Ohioans for Payday Loan Reform Coalition reached out to HFLA after Michal's interview on NPR, and provided us with the following information for anyone who may be interested in House Bill 123 and the current reform efforts:

Dear Supporters of Payday Loan Reforms:

The payday lending reform bill, Ohio House Bill 123, has been assigned to the House Government Accountability & Oversight Committee, chaired by Rep. Louis “Bill’’ Blessing III, R-District 29, who represents part of Hamilton County.

We are asking you to reach out to committee members from Cuyahoga County, the chairman of the committee and committee members who have announced they are going to run for statewide office in upcoming elections. Please tell the committee members that you support reform and why. If they are running for statewide office, please mention that in your communication.

Also, if you live in one of these legislators’ districts, would you please let us know? If you do, we can let you know when they are holding in-district public meetings which you might be able to attend to bring up payday lending reform.

 

Cuyahoga County committee members:

Rep. Dave Greenspan, District 16; western Cuyahoga County, including Westlake, Bay Village, Rocky River, Fairview Park, North Olmsted

  

Committee Chair

Chairman Rep. Louis “Bill’’ Blessing III, District 29; Hamilton County/Southwest Ohio

 

Other committee members:

Vice Chair Rep. Bill Reineke, District 88; Sandusky and Seneca counties

 

Rep. Timothy E. Ginter, District 5; Columbiana County

 

Rep. Bernadine Kennedy Kent, District 25; part of Franklin County, including Whitehall, Gahanna, Bexley and part of Columbus

 

Rep. Ryan Smith, District 93; Lawrence, Gallia, Jackson and part of Vinton counties

 

Rep. Bill Seitz, District 30; parts of Hamilton County

 

Key news media coverage of reform efforts

 


Michal Marcus on NPR

Yesterday, our Executive Director Michal Marcus was on NPR's Sound of Ideas to discuss payday lending. She was on a panel with State Representative Kyle Koehler and Keith Davis, a Financial Capabilities Counselor with Neighborhood Housing Services of Greater Cleveland. They discussed payday lending and its implications on borrowers, as well as a new bill proposed to close a loophole in current legislation that allows payday lenders to get around 2008's legislation, which capped interest rates at 28%. Through this loophole, payday lenders have continued to lend with interest rates sometimes reaching as high at 700% APR. Listen to the podcast here to learn more!

Michal Marcus, Executive Director of HFLA of Northeast Ohio, on-air with NPR

Join us in the fight against payday loans in Northeast Ohio. Click here to see what your dollars can do.


Build, Improve, or Monitor Your Credit for FREE with NerdWallet!

Exciting news: HFLA partnered with NerdWallet to bring their credit tracking tools to our borrowers, applicants, and friends. This is an online platform that allows you to create an account and view your credit report whenever you choose!

NerdWallet's credit tracking platform allowsNW_Logo_Hor_RGB_Screen-450x100 you to set goals pertaining to your credit (ex: increase my score), and will then give you tips on how to reach that goal. It also shows you how much your credit score would be affected by different decisions regarding your personal credit (opening a new credit card, paying off a balance in full, etc...) so that you know exactly how your credit score will be impacted.

You can create an account with NerdWallet through this link: https://www.nerdwallet.com/blog/hflaclev/