Philadelphia, PA – prior to a forthcoming industry-backed bill to permit high-cost, long-lasting payday advances in Pennsylvania, Philadelphia City Council took step one toward fending down their efforts by adopting an answer, contacting people in the General Assembly to oppose any such legislation.
For more than 10 years, the out-of-state payday loan providers have now been trying to bring their predatory loans into Pennsylvania by lobbying for legislation that will eviscerate state caps on interest and fees for consumer loans. This session, they truly are attempting to legalize long-lasting pay day loans, an item they increasingly have actually available in states where lending that is high-cost appropriate so as to avoid laws geared towards their old-fashioned two-week pay day loans. Continue reading “PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST TRY TO GUT PA CUSTOMER DEFENSES”