The Battle Over Payday Lending in WA State

The Battle Over Payday Lending in WA State

Payday financing is really a billion-and-a-half-dollar-a-year industry in Washington State and growing — quickly.

Some lawmakers and advocates for the poor wish to cap interest levels on these short–term, high-interest loans. But lenders that are payday this may place them away from company. The fight has kicked-off a lobbying frenzy that is dividing majority Democrats. Olympia Correspondent Austin Jenkins reports.

APPLETON: “It is about usury. And now we outlawed usury a number of years ago.”

AND THIS SEASON APPLETON IS SPONSORING A BILL THAT WILL CAP THE ANNUAL INTEREST ON PAY DAY LOANS AT THIRTY-SIX PERCENTAGE. THE ISSUE IS APPLETON CANNOT GET YOURSELF A HEARING ON HER BILL. SHE BLAMES THE PAYDAY FINANCING BUSINESS.

REPORTER: “Why do you realy perhaps not help a thirty-six % cap on pay day loans?”

KIRBY: “A thirty-six per cent limit on payday lending is an issue that is red-herring start with. It’s a ban from the industry.”

KIRBY: “We have an amount that is tremendous of with this item during my region. Nastavi čitati “The Battle Over Payday Lending in WA State”