Payday loans, high interest loans aimed at low income individuals who do not have savings to fall back on or friends and family with the means to offer help. Frequently such loans are cash advances on an expected paycheck. The interest rates are excessive and often lock people into a downward spiral of having to continually take out another loan to pay the interest on existing ones.
The Pennsylvania legislature is currently considering a bill, HR 2191 which has been amended to allow payday loan interest rates as high as 300% annually. You can read more at: http://www.stoppaydayloanspa.com/
Tuesday, June 05, 2012
PA and Payday Loans
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1 comment:
Thanks for this post, Jane. This is one of those things that people don't hate until they are victim to it. And Pay Day loans don't only hurt the borrowers. They run down communities - when investors tour areas and see a bunch of pay day loan shops, they know that disposable income is tight and will look elsewhere to locate. Predatory pay day loans are good for nobody but the people raking in the usurious interest and fees.
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