Market Overview

Debate Over Payday Loans Legislative Bill continues in Pennsylvania reports PaydayLoans HookUp

Share:

(EMAILWIRE.COM, October 26, 2012 ) San Francisco, CA- Senators debated a measure that would allow the state Department of Banking to allow businesses to offer short-term loans. The loans, known as payday loans, would be capped and compliance tracking would be utilized.

The bill passed the House in June by a narrow margin, and would end up on the governors desk if the bill passes the senate without amendments.

Opponents of the bill say it is dangerous for low-income individuals. These individuals are more likely to utilize the short-term loans, and are more likely to become trapped in a cycle of borrowing and debt. They are also more likely to default on payments than middle- and upper-income individuals and families.

Nonetheless, supporters like Representative Chris Ross who testify on the bills behalf say short-term lending already does exist. He and others point to internet third-party groups that advertise.

"My guess is there would be strong agreement that it would be wonderful if none of our citizens were ever put in the myriad of life's challenges and emergencies that require obtaining a small-dollar, unsecured loan," State Banking Secretary Glenn Moyer said. "While this would be ideal, we also know it is not realistic in today's world."

Within the current agreement, the rules state that a borrower is allowed $1,000 or 25% of their monthly income. The loan is limit of 12.5% finance charge and $5 fee.

The law would prohibit borrowers to continue loans without repayment, also known as rollover loans.

About PaydayLoansHookUp.com:
PaydayLoansHookUp.com (http://www.paydayloanshookup.com) offers information to find out all the needed about payday loans and cash advances. With the friendly help at paydayloanshookup.com, people can find out all the information you need to make an informed decision when borrowing. Quick and easy application, quality rates, and an easy-to-use website make it the perfect choice for their lending needs.

paydayloanshookup

Roger Frank

415885-2534

enquiries@paydayloanshookup.com


This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.


Source: EmailWire.Com

View Comments and Join the Discussion!