Payday lenders generally give small loans out to cash-strapped consumers and ask for their money back within two weeks. These loans may seem like a good idea to some, but many do not realize that charging $15 to borrow $100 for two weeks can eventually result in an APR of 360%! Because many payday loan borrowers can’t pay their loans back in the two week period, they end up rolling the loan over and getting charged interest for every subsequent two weeks, resulting in these oppressive interest rates.

Luckily, change is afoot. Fifteen states and the District of Columbia have outlawed triple digit APRs and payday lending so far, and the United States Military has forbidden payday lenders to charge service men and women rates over 36%.

OneCalifornia is proud to be one of the organizations working on alternative solutions to this problem, and we invite you to learn more about what individuals, organizations and governments can be doing.  A good resource is the Center for Responsible Lending website: http://www.responsiblelending.org/payday-lending/.

Amy Thomas, owner of Pendragon, for the East Bay Express Indie Revolution

We have recently profiled new, up-and-coming small businesses in Oakland, many of which sell exclusively online.  But Oakland is also home to small, independent businesses with storefronts that have been around for years, some even decades.  These are the stores that you grow up with, that add character to your community and childhood memories.  They are also the stores that set examples for other small businesses in how they treat their employees and serve their clients and community.

Pendragon Books in the Rockridge neighborhood is one of these independent businesses.  Pendragon has been in its same location for nearly forty years.  They have been there so long that the children who used to come with their parents to check out the books continue to come back as adults with their own children.  Many staff members have also grown up with the independent bookstore-several have worked for Pendragon for a decade, some even two decades.

Having been in the independent book business for so long, Pendragon knows a thing or two about operating a successful small business that is competitive with the services offered at any chain bookstore.  All staff members are trained to do everything in the store, from helping customers find a book to buying high-quality used books.  Staff members also earn a living wage and get full benefits.  This partly explains why so many have stayed with Pendragon for so long, but it also demonstrates Pendragon’s commitment to sustaining small businesses.  As Amy Thomas, Pendragon’s owner, says, the store is putting its money where its mouth is in terms of advocating for supporting small businesses.

Many new customers come to Pendragon unaware of the top-notch service they can get at an independent book store.  Pendragon’s shelves are well stocked with a wide variety of titles, both new and used, and anything that isn’t in its stockroom can be ordered and shipped to the store within a few days.  Their prices are comparable to the ones you would see at a big book store.  Pendragon’s staff is also knowledgeable about the books they offer, and can suggest book titles and recommendations the way staff at a big book store cannot.

But Pendragon is more than just a bookstore in Oakland; it acts as an engaged member of the community.  Pendragon features local authors and sells beautiful gift cards, many designed by local artists.  It gives discounts to book groups in the area.  It donates books and gift certificates to local libraries and schools.  It is an active member of the American Booksellers Association and supports national literary events, such as Banned Book Week and National Novel Writing Month.

Pendragon, while a stalwart, is also changing with the times.  They have greened the water filtration system in their store and recycle all their packaging materials.  They also buy and sell used books, which is, as they say, perhaps the greenest thing they do.  They also sell all their books and products online, so you can browse their book collection from the comfort of your own home!  To shop online at Pendragon Books and to learn more about their role as an independent bookstore in Oakland, check out their website.

October’s Full Moon Buy Night Shopping Bazaar was such a hit that we’re bringing it back–just in time for your holiday shopping!  On the evenings of December 10th and 11th, Oakland Unwrapped, in collaboration with Jack London Square, ProArts, and Oakland Grown, will be hosting a Holiday Buy Night Shopping Event.  Cozily situated inside a festive market hall with entertainment, activities for the kids, hot cocoa, beer, wine and creative gifts from local businesses and artists - it’s the best mall-ternative you could ask for. More details to come, so keep checking back here!

Save the date!  Add this event to your Outlook Calendar here.

The Wall Street Wizards is a financial and capital markets literacy program designed to teach urban youth money management skills and expose them to jobs in the financial sector.  The Wall Street Wizards program core focus in on the areas of money management, investing, math, economics, and the preparation for youth to make adult level financial decisions.  For more information on this innovative program, check out their website.  “If there was ever a time for our youth to begin learning about finances, it’s now!”