A growing number of religious grous, veterans, and community leaders across Pennsylvania are asking legislators to oppose HB 2191, a measure that will authorize 300% payday loans in the Commonwealth.
Click below to hear Stephen Drachler, Executive Director of United Methodist Advocacy in Pennsylvania, make the case against predatory lending:
Click below to hear Stephen Drachler, Executive Director of United Methodist Advocacy in Pennsylvania, make the case against predatory lending:
Payday loans typically carry triple-digit interest rates and trap borrowers in a cycle of repeated borrowing. Under HB 2191, payday lenders are allowed to charge annual interest rates of over 300% for a typical $300 loan. In states with similar laws to HB 2191, a typical borrower is indebted for more than 200 days a year.
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