The Nasty Nine: Helping Rural Families Avoid Predatory Lending Practices

Do the rural families you encounter turn to predatory lenders and products when they need money—and end up in worse financial straits? Here are some resources you can use to guide them to better lending products that can help them stay afloat and get ahead in this economy:

1. A recording of the RuFES webinar on the Nasty Nine presented on March 26, 2009 (in .wmv format).  A Flash version of the video is also available, which is a smaller file but considerably lower-quality video that can only be viewed online).
2. A PowerPoint presentation on the Nasty Nine (used in the webinar).
3. A two-page summary handout on the Nasty Nine to use with colleagues, customers, partners… and the media!
4. Avoiding the Money Trap, a 2006 documentary by the Annie E. Casey Foundation,  highlights the financial problems that often trap rural working families, including payday loans, high-interest car loans, high debt, poor credit, and more.
5. The Center for Responsible Lending (CRL) website has a lot of information on predatory lending practices and policy solutions.
6. The Better Choice Program is an effort by Pennsylvania Credit Unions to offer an alterative to payday loans.
7. Financial education resources:
   • The Beehive is a great place for individuals and families to access online financial education. You could use it with your customers, or refer them to it.
   • The Pennsylvania Office of Financial Education provides individuals with online learning and information on a wide range of financial topics—and has links to financial education curricula.
   • MoneyWise is the money management course Alternatives Federal Credit Union uses to provide its low-income customers with tools they need to confront the financial issues in their lives.