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PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST ATTEMPT TO GUT PA CUSTOMER DEFENSES

PHILADELPHIA CITY COUNCIL OPPOSES PAYDAY LENDERS HOTTEST ATTEMPT TO GUT PA CUSTOMER DEFENSES

Philadelphia, PA – prior to a forthcoming industry-backed bill to permit high-cost, long-lasting payday advances in Pennsylvania, Philadelphia City Council took the initial step toward fending off their efforts by adopting an answer, contacting people of the General Assembly to oppose any legislation that is such.

For over 10 years, the out-of-state payday loan providers have now been attempting to bring their predatory loans into Pennsylvania by lobbying for legislation that will eviscerate state caps on interest and charges for customer loans. This session, these are typically trying to legalize long-lasting pay day loans, an item they increasingly have actually available in states where high-cost lending is legal so that they can avoid laws geared towards their old-fashioned two-week payday advances.