Friday, May 17, 2013

Take Action Against Payday Loans!

Senator Browne issued a co-sponsorship memo about soon-to-be filed legislation that would legalize high-cost predatory payday loans in Pennsylvania.

The bill is not expected to be any different than last year's HB 2191 in that at its core it legalizes the same debt trap payday product. Adding up all the fees and interest, it would legalize a 288% APR on a typical, two-week $300 payday loan. This product is grossly inconsistent with protections in place for Pennsylvanians and the entire U.S. military (which cannot be offered loans with interest above 36% APR), and puts the state's veterans and families at risk.

Reach out to your legislators ASAP and ask them not to support Payday Loans in PA!

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