Payday lending is really a billion-and-a-half-dollar-a-year industry in Washington State and growing вЂ” quickly.
Some lawmakers and advocates for the poor like to cap interest levels on these shortвЂ“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 then we outlawed usury a number of years ago.”
AND THIS SEASON APPLETON IS SPONSORING A BILL THAT COULD CAP THE ANNUAL RATE OF INTEREST ON PAYDAY ADVANCES AT THIRTY-SIX PERCENTAGE. THE ISSUE IS APPLETON CAN’T GET A HEARING ON HER BILL. SHE BLAMES THE PAYDAY FINANCING INDUSTRY.
REPORTER: “Why do you realy perhaps perhaps not help a thirty-six % cap on payday advances?”
KIRBY: “A thirty-six per cent limit on payday lending is a red-herring problem to start out with. Continue reading “The Battle Over Payday Lending in WA State”