Thursday, May 30, 2013

The Payday Lenders Are Swarming. It's Time to Act.

Payday lending proponents just unveiled their proposal in the Senate to bring predatory payday loans to Pennsylvania.

The payday lenders are promoting legislation that would authorize a nearly 300% APR on a typical two-week payday loan, significantly weakening the state’s current strong laws against such practices. The proposal seeks to hide the dangerous nature of these loans by calling it “micro credit.” There is nothing “micro” about the high cost and large debt trap that comes with these payday loans.

But there’s another problem with the proposed legislation. Pennsylvania doesn’t need it.

As recognized by the U.S. Department of Defense and Pew Charitable Trusts, Pennsylvanians already have some of the strongest consumer protections in the country.

We don’t need debt trap legislation disguised as credit innovation.

Please email and call your legislators TODAY through this link. Tell them we don’t need to bring 1,000 payday loans storefronts to Pennsylvania peddling high-cost loans, and urge them to oppose the payday lenders proposal to weaken our state’s strong laws.

For more information, visit www.stoppaydayloanspa.com.

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