It's a No-Brainer: Payday Lending Bill Shouldn't Be Passed in Senate
- Safe Small-Dollar Loans Research Project
- Source: Patriot-News Editorial Board
- September 21, 2012
House Bill 2191, to legalize payday lending in Pennsylvania, is a foul piece of legislation no matter how proponents try to disguise it.
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“Payday loans are sold as two-week credit products that provide fast cash, but borrowers are actually indebted for an average of five months per year,” concludes a Pew research report on payday loans that came out this summer. [...] The Pew report found that states such as (Pennsylvania) that outlaw all predatory lending have low instances of online loans.
Read the full article at www.pennlive.com
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