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Philadelphia, PA – prior to a forthcoming industry-backed bill allowing high-cost, long-lasting pay day loans in Pennsylvania, Philadelphia City Council took the initial step toward fending down their efforts by adopting an answer, askin people in the General Assembly to oppose any legislation that is such.
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, they have been attempting to legalize long-lasting pay day loans, something they increasingly have actually available in states where high-cost financing is appropriate so as to avoid laws geared towards their old-fashioned two-week payday advances. Read more