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Philadelphia, PA вЂ“ prior to a forthcoming industry-backed bill to permit high-cost, long-term payday advances in Pennsylvania, Philadelphia City Council took step one toward fending down their efforts by adopting an answer, askin people in the General Assembly to oppose any legislation that is such.
For more than ten years, the out-of-state payday loan providers have now been trying to bring their predatory loans into Pennsylvania by lobbying for legislation that could eviscerate state caps on interest and costs for customer loans. This session, they have been trying to legalize long-lasting pay day loans, an item they increasingly have actually offered in states where high-cost financing is legal so that they can avoid laws geared towards their traditional two-week payday advances. Read more “PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST TRY TO GUT PA CUSTOMER DEFENSES”