Archive by Category "California Payday Loan"

New pay day loan bill could conserve the industry. Or ensure it is more lucrative.

New pay day loan bill could conserve the industry. Or ensure it is more lucrative.

A bill in the Legislature that would result in bigger loans and higher fees is a gift to a predatory industry for critics of payday lenders.

At a glance, they might be appropriate. Floridians, mostly in bad communities, took down an astounding 7.7 million payday advances over one year in 2016 and 2017. And nearly a 3rd of all of the clients took away at the very least 12 loans that 12 months, an obvious indication of the “debt trap” that lenders benefit from, experts state.

Nevertheless the bill is cruising through the Legislature with bipartisan help.

Simply speaking, the bill is an attempt to greatly help an industry that is powerful could – or could not – see major alterations in the coming years.

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