Pennsylvanians oppose predatory payday loans

4/16/2012

Last week, a broad diverse group of stakeholders from throughout the Commonwealth voiced their opposition to the abusive loan practices authorized by HB 2191.   See the opposition letter. The opposition to these payday loan practices includes many people who understand that interest rates of 300% or higher will only hurt Pennsylvanians, not help them.

The debt trap caused by these high-cost loans due in full on a borrower's next payday are not mitigated by purpoted "protections" such as renewal bans, cooling off periods, or databases. In states with similar provisions, borrowers remain trapped in 9 payday loans on average, and payday business model remains dependent on borrowers stuck in the debt trap (76% of payday loans are due to repeat borrowers). Learn the reality behind payday lenders' claims.

The best solution to the harms caused by these predatory loans is to uphold and enforce Pennsylvania's long-standing existings law. It allows small dollar loans to carry an interest rate as high as 24% annually. Loans made above such rates are illegal, regardless if they're made on line or at a storefront.   As such, Pennsylvania's law effectively prevents these predatory lending practices and as a result, the state saves its residents $233 million a year.  Read more about payday loans in Pennsylvania.

HB 2191 is not consumer protection. If it passes, consumers and the state willl not be able to stop the debt trap.

Now is the time to get involved. Click here to add your voice today.

32 Comments

Doris Thomas

7/2/2012 12:52:54 am

Instead of cutting Food Stamps and General Assistance why don't we get the money from taxing these banks. I have expressed my concern with charging the poor with astronomical rates to borrow money for a short term. Governor Corbett should have considered making these banks pay their fair share instead!!!

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This was a excellent informative post you have shared on this page about the community development finance but if you can imagine, the users of payday loan stores are incredibly price-sensitive and have zero brand-loyalty. If “unbanked” consumers had an alternative solution, they would flock to it. This is why the nonprofit sector should steal this entire industry. Nonprofits can and should set up their own payday loan stores and simply undercut the for-profit predators. Nonprofits that provide financial services to virtually the identical population removed of their need to churn a profit to shareholders, their mission-driven values and their outside funding to actually provide financial services can simply charge less and provide superior services.
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