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Consumer Groups Assisted Delay A Bill That Could Hike Payday Advances By 369 Per Cent

Consumer Groups Assisted Delay A Bill That Could Hike Payday Advances By 369 Per Cent

  • Bill would raise allowable rates of interest to 369 %
  • Loan providers falsely claim the bill is really a “consumer protection law”
  • Predatory financing prohibited in 17 states as well as on army bases

Army of Lobbyists

A bill that passed the Pennsylvania state household early in the day this month that could enhance the permissible apr on tiny loans to 369 % will likely be held into the state senate before the next legislative session into the autumn, based on activists fighting resistant to the bill.

Presently, Pennsylvania caps loans at 24 % APR.