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Bankrupt by Design: Payday Lenders Target PA Performing Families

Bankrupt by Design: Payday Lenders Target PA Performing Families

The Pennsylvania home authorized the payday financing bill on June 6. Study KRC’s declaration.

Pennsylvania’s payday financing bill would move funds from principal Street Pennsylvania to Wall Street, while stifling financial safety in low-Income rural and cities

Overview

Pennsylvania features a model legislation for protecting customers from predatory payday financing. Presently, state legislation limits the percentage that is annual price (APR) on tiny loans to more or less 24%. The Pennsylvania House of Representatives, but, is poised to think about legislation that could significantly damage customer defenses against predatory payday financing, placing Pennsylvania families and jobs at an increased risk.

The organization for Enterprise Development ranks Pennsylvania’s present policy as supplying the strongest defenses for customers against pay day loans.1 This protection that is strong payday loan providers saves Pennsylvania customers a projected $234 million in extortionate costs every year.2

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