PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST TRY TO GUT PA CUSTOMER DEFENSES
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Philadelphia, PA вЂ“ prior to a forthcoming industry-backed bill to permit high-cost, long-lasting pay day loans in Pennsylvania, Philadelphia City Council took the initial step toward fending down their efforts by adopting a resolution, askin users of the General Assembly to oppose any such legislation.
The out-of-state payday lenders have been working to bring their predatory loans into Pennsylvania by lobbying for legislation that would eviscerate state caps on interest and fees for consumer loans for over a decade. This session, these are generally trying to legalize long-lasting pay day loans, something they increasingly have actually available in states where lending that is high-cost appropriate so as to avoid laws directed at their old-fashioned two-week pay day loans.
The industry claims that whatever they want to provide is really a safe credit item for customers.
But, long-term payday advances carry the exact same predatory characteristics as old-fashioned, balloon-payment payday advances, utilizing the possible become much more dangerous simply because they keep borrowers indebted in larger loans for a longer period of the time. Continue reading “PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST TRY TO GUT PA CUSTOMER DEFENSES”
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