Another part of the bill limits customers to 10 successive payday loans. After that, they must wait until at least one payday has passed before they can apply for another.
Of course, Payday loan critics don’t feel these requirements are strong enough but there are substantial studies that refute this erroneous thinking.
However, more thoughtful proponents of financial choice for consumers, Speaker Bobby Harrell for example was quoted as saying:
Regulating the practice and enacting consumer safeguards is the right thing to do. These loans are meant to be short-term financial solutions for unforeseen expenses; capping the loan amount and creating a statewide database to ensure that someone can only have one loan at a time will help prevent individuals from falling into a bottomless cycle of debt.
We applaud Speaker Harrelland Speaker pro tem Harry Cato for their insight and understanding that everyone needs access to small, temporary loans for emergencies!