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Pennsylvanians oppose predatory payday loans

4/16/2012

32 Comments

 
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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    News Updates

    • Archives:
    • Letter: A Payday Loan Debt Trap,Pittsburgh Post-Gazette, 05/27/13 
    • Letter: False Claims by Lending Industry, PhillyBurbs.com, 05/24/13
    • Letter: Stop Payday Lending Legislation, McKeesport Daily News, 05/20/13
    • Another Payday Loan Debate on the Horizon, Morning Call, 5/18/13
    • Editorial: Whose Payday?, Daily News, 4/12/13
    • Editorial: Stand firm against payday loans, Erie Times-News, 03/20/13
    • Letter: PA Residents: Oppose payday loans, DelCo News Network, 03/18/13
    • Payday Loan Affordability Fast Facts, Patriot-News, 03/16/2013
    • Letter: Payday loans are like financial quicksand, Morning Call, 03/07/2013
    • Payday loans easy to get into, hard to get out of, Morning Call, 03/02/13
    • Letter: Predatory lending laws create indentured servitude, PhillyBurbs.com, 02/12/13
    • Editorial: Now or later: Payday lending is bad news for PA, Pittsburgh Post-Gazette, 10/09/12  
    • Editorial: Payday lenders looking for prey among the poor, Philly Inquirer, 10/05/12
    • Letter: Lobbyists are winning, Philly Daily News, 10/01/2012
    • Editorial: Keep ban on payday loans, Scranton Times-Tribune, 09/28/12
    • Letter: Keep payday loans out of PA, DelCo Times, 09/28/2012.  
    • Editorial: Payday lending is just in-state debt trap, Towanda Daily Review, 09/28/2012
    • Letter: Payday lending legislation bad for consumers, Morning Call, 09/26/12
    • Editorial: PA Senate Should Reject Payday Loan Bill,
      Lehigh Valley Express Times, 9/24/2012
    • Editorial: It's a no-brainer, payday bill shouldn't pass, Harrisburg Patriot-News, 9/23/12
    • Payday lenders could score with loan act, Philly Tribune, 9/16/12
    • Op-ed: Rejecting Payday Loan Bill Protects Consumers, The Morning Call, 09/15/12
    • Op-ed: Payday Loans Need to Be Opposed
      DelCo News Network, 8/28/2012
    • Op-ed: Payday lending will lead to abuses
      Erie Times,
      8/19/2012
    • Why to Steer Clear of Payday Loans
      Wall Street Journal
      07/29/2012
    • PA Payday Lending: Short-Term Loans, Long-Term Issues
      Public News Services, 5/16/2012
    • Editorial: Keep payday and predatory lenders out of Pennsylvania
      Harrisburg Patriot-News Editorial, 5/08/2012
    • Payday loans may be returning to Pennsylvania
      Allentown Morning Call, 5/6/2012
    • Predatory bill: Lawmakers would victimize low-income borrowers
      Pittsburgh Post-Gazette, 04/23/2012

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