Please click here to read my open letter to Senators Jane Earll and Mary Jo White asking them to vote NO on House Bill 2191, the payday lending bill.
Payday lending is abusive lending at it’s worst. With an effective APR rate of 369%, toothless consumer protections, and a target market of fixed income Pennsylvanians, it’s the perfect storm of a high-cost debt cycle.
Our clients cannot afford passage of this bill but it has already passed Congress. No state has passed a payday lending bill since 2005. AZ and MT have curtailed their laws in favor of a 26% usury rate, NC allowed their sunset clause to expire, and OH voters rejected a ballot initiative by payday lenders to increase Ohio’s 28% rate cap to 70%.
If you feel this is bad business and should be stopped, please use my letter as a template for your own and mail them today. Time is of the essence here given the timing of the upcoming vote. Do it today and back our seniors, veterans and retirees…a fixed income is a payday lenders best friend.