Payday lending compromise bill clears committee

They should have gotten a lot more strict on them, 36% is still high and you are right what other fees that will tack on. Membership fees and other bs fees, they need to regulate all that too, maybe the house will tack on some more restrictions, hopefully.

:D

Jos,I hope the house can do something. Maybe if there are people here from that area, they can write or call their representatives. It may be worth a try.

Untill they destroy them, we all will hurt from these.

Interesting article, Annie. But I still say what's really needed is federal legislation on them so some standards can be established. Right now, we have a hodge-podge of regulations across the states.

36%? And fees as described?! Sorry, folks. This reads like a 'feel-good' bill.

kscornell I agree with you. We need to get our congressional representatives involved and get them to see just how serious this is considering how many families are devastated by these loans.

unclewulf, yeah, I think it's a "feel-good bill" for the payday loan companies. It's just window dressing to make consumers feel something is being done on the issue.

Yeah, it's the same thing that happened in Oregon. They capped the interest rate at 36%, but still allow a processing fee! So it still ends up being like $12 for every $100 borrowed!

They need to create laws that protect the consumer NOT the PDL companies. All this is is a bill to give certain rights to these crooks.